Banc Funds Co. LLC Trims Holdings in Orange County Bancorp, Inc. (NASDAQ:OBT)

Banc Funds Co. LLC decreased its holdings in Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) by 7.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 287,872 shares of the company's stock after selling 23,718 shares during the quarter. Orange County Bancorp comprises approximately 1.9% of Banc Funds Co. LLC's portfolio, making the stock its 14th biggest position. Banc Funds Co. LLC owned 5.09% of Orange County Bancorp worth $17,364,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Hudson Valley Investment Advisors Inc. ADV raised its position in shares of Orange County Bancorp by 0.7% in the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 602,918 shares of the company's stock worth $36,368,000 after purchasing an additional 4,408 shares during the last quarter. Vanguard Group Inc. raised its position in Orange County Bancorp by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 201,453 shares of the company's stock worth $9,267,000 after buying an additional 2,492 shares during the last quarter. Hennessy Advisors Inc. raised its position in Orange County Bancorp by 28.9% in the 2nd quarter. Hennessy Advisors Inc. now owns 34,809 shares of the company's stock worth $1,841,000 after buying an additional 7,809 shares during the last quarter. Bank of New York Mellon Corp raised its position in Orange County Bancorp by 6.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 22,730 shares of the company's stock worth $1,202,000 after buying an additional 1,376 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Orange County Bancorp by 9.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,564 shares of the company's stock valued at $399,000 after purchasing an additional 674 shares during the period. Hedge funds and other institutional investors own 42.55% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler cut their price target on Orange County Bancorp from $69.00 to $66.00 and set an "overweight" rating for the company in a research note on Thursday, October 31st.

Insider Activity at Orange County Bancorp

In other Orange County Bancorp news, SVP Michael Listner sold 589 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $59.40, for a total value of $34,986.60. Following the completion of the transaction, the senior vice president now directly owns 3,072 shares in the company, valued at $182,476.80. This represents a 16.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Joseph A. Ruhl sold 910 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $57.75, for a total value of $52,552.50. Following the completion of the transaction, the insider now owns 14,464 shares of the company's stock, valued at $835,296. The trade was a 5.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,925 shares of company stock worth $110,969. 10.50% of the stock is owned by company insiders.

Orange County Bancorp Stock Performance

Shares of Orange County Bancorp stock traded down $0.71 during trading hours on Monday, reaching $58.93. 22,230 shares of the stock traded hands, compared to its average volume of 11,565. The company has a 50 day moving average price of $57.63 and a 200 day moving average price of $54.51. The firm has a market capitalization of $334.37 million, a price-to-earnings ratio of 11.65 and a beta of 0.36. Orange County Bancorp, Inc. has a one year low of $41.00 and a one year high of $66.11. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.84.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.43 by ($0.86). The firm had revenue of $35.61 million for the quarter, compared to the consensus estimate of $26.60 million. Orange County Bancorp had a net margin of 20.31% and a return on equity of 16.37%. On average, equities research analysts expect that Orange County Bancorp, Inc. will post 5.43 earnings per share for the current fiscal year.

Orange County Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, December 4th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This is an increase from Orange County Bancorp's previous quarterly dividend of $0.23. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.70%. Orange County Bancorp's payout ratio is 19.53%.

Orange County Bancorp Profile

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.