Orange County Bancorp (NASDAQ:OBT) Stock Price Expected to Rise, Piper Sandler Analyst Says

Orange County Bancorp (NASDAQ:OBT - Free Report) had its price objective hoisted by Piper Sandler from $66.00 to $71.00 in a research note released on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Orange County Bancorp Price Performance

OBT traded down $0.34 during trading hours on Friday, hitting $59.16. The company's stock had a trading volume of 14,053 shares, compared to its average volume of 11,680. The stock has a market cap of $335.44 million, a price-to-earnings ratio of 11.67 and a beta of 0.40. The business's 50-day moving average price is $57.99 and its 200-day moving average price is $55.09. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. Orange County Bancorp has a 12 month low of $41.00 and a 12 month high of $66.11.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.57 earnings per share for the quarter, missing analysts' consensus estimates of $1.43 by ($0.86). Orange County Bancorp had a return on equity of 16.37% and a net margin of 20.31%. The business had revenue of $35.61 million during the quarter, compared to the consensus estimate of $26.60 million. Sell-side analysts expect that Orange County Bancorp will post 4.93 earnings per share for the current fiscal year.

Orange County Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, December 4th will be paid a dividend of $0.25 per share. This is a boost from Orange County Bancorp's previous quarterly dividend of $0.23. The ex-dividend date is Wednesday, December 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.69%. Orange County Bancorp's dividend payout ratio is currently 19.53%.

Insider Buying and Selling

In other news, insider Joseph A. Ruhl sold 910 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $57.75, for a total transaction of $52,552.50. Following the transaction, the insider now directly owns 14,464 shares of the company's stock, valued at approximately $835,296. This trade represents a 5.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Listner sold 589 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $59.40, for a total value of $34,986.60. Following the completion of the sale, the senior vice president now owns 3,072 shares of the company's stock, valued at $182,476.80. The trade was a 16.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,925 shares of company stock valued at $110,969. Insiders own 10.50% of the company's stock.

Institutional Investors Weigh In On Orange County Bancorp

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted 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 worth $399,000 after purchasing an additional 674 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Orange County Bancorp by 6.4% during the second quarter. Bank of New York Mellon Corp now owns 22,730 shares of the company's stock valued at $1,202,000 after buying an additional 1,376 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Orange County Bancorp by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 111,414 shares of the company's stock valued at $6,722,000 after buying an additional 1,649 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Orange County Bancorp in the 3rd quarter worth approximately $110,000. Finally, Vanguard Group Inc. raised its stake in shares of Orange County Bancorp by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 201,453 shares of the company's stock worth $9,267,000 after acquiring an additional 2,492 shares in the last quarter. Institutional investors own 42.55% of the company's stock.

About Orange County Bancorp

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.