Key Points
- Insider sale: SVP David Dineen sold 1,000 shares on December 11 at an average price of $28.81 for $28,810, reducing his stake by 10.85% to 8,214 shares (≈$236,645).
- Dividend increase: Orange County Bancorp raised its quarterly dividend to $0.18 (annualized $0.72) for a ~2.5% yield, up from $0.13; the record/ex-dividend date was December 4 and payment is December 16.
- Strong quarter and outlook: The company beat Q3 estimates with $0.75 EPS vs. $0.68 expected and $33.73M revenue, has a P/E of 9.68 and market cap ≈$391M, and analysts' consensus is a "Moderate Buy" with an average price target of $30.25.
Orange County Bancorp, Inc. (NASDAQ:OBT - Get Free Report) SVP David Dineen sold 1,000 shares of the company's stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $28.81, for a total value of $28,810.00. Following the completion of the transaction, the senior vice president directly owned 8,214 shares of the company's stock, valued at approximately $236,645.34. The trade was a 10.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Orange County Bancorp Stock Performance
Shares of OBT stock opened at $29.24 on Tuesday. The firm has a market capitalization of $390.94 million, a price-to-earnings ratio of 9.68 and a beta of 0.44. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. The business's 50-day moving average price is $25.80 and its 200-day moving average price is $25.72. Orange County Bancorp, Inc. has a 12 month low of $20.97 and a 12 month high of $29.88.
Orange County Bancorp (NASDAQ:OBT - Get Free Report) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.68 by $0.07. Orange County Bancorp had a net margin of 23.51% and a return on equity of 15.98%. The business had revenue of $33.73 million during the quarter, compared to analyst estimates of $28.60 million. Equities research analysts forecast that Orange County Bancorp, Inc. will post 2.83 EPS for the current year.
Orange County Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 16th. Stockholders of record on Thursday, December 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Orange County Bancorp's previous quarterly dividend of $0.13. The ex-dividend date is Thursday, December 4th. Orange County Bancorp's dividend payout ratio (DPR) is presently 23.84%.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the company. Weiss Ratings restated a "hold (c+)" rating on shares of Orange County Bancorp in a report on Wednesday, October 8th. Piper Sandler reiterated an "overweight" rating and issued a $31.00 price target (up previously from $29.00) on shares of Orange County Bancorp in a research report on Wednesday, December 10th. Finally, Zacks Research raised Orange County Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $30.25.
Check Out Our Latest Stock Analysis on Orange County Bancorp
Institutional Trading of Orange County Bancorp
A number of institutional investors have recently bought and sold shares of OBT. Wellington Management Group LLP grew its holdings in Orange County Bancorp by 92.4% during the 1st quarter. Wellington Management Group LLP now owns 509,258 shares of the company's stock worth $11,912,000 after acquiring an additional 244,503 shares during the period. Fourthstone LLC bought a new stake in shares of Orange County Bancorp during the 2nd quarter valued at about $6,210,000. Endeavour Capital Advisors Inc. acquired a new stake in Orange County Bancorp during the second quarter worth approximately $5,121,000. EJF Capital LLC bought a new stake in Orange County Bancorp in the second quarter worth approximately $2,944,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Orange County Bancorp by 29.8% in the second quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company's stock valued at $8,262,000 after buying an additional 73,483 shares during the period. Institutional investors own 42.55% of the company's stock.
Orange County Bancorp Company Profile
(
Get Free Report)
Orange County Bancorp, Inc, through its subsidiaries, provides commercial and consumer banking products and services, and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and individuals. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.
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