Orange County Bancorp (NASDAQ:OBT) Trading Down 0.5% – What’s Next?

Orange County Bancorp, Inc. (NASDAQ:OBT) dropped 0.5% during mid-day trading on Thursday . The stock traded as low as $24.00 and last traded at $24.16. Approximately 9,966 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 24,094 shares. The stock had previously closed at $24.27.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped their price target on Orange County Bancorp from $33.00 to $35.50 and gave the company an “overweight” rating in a research report on Friday, December 13th.

Orange County Bancorp Trading Down 2.4 %

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.84. The firm’s fifty day moving average is $25.47 and its two-hundred day moving average is $27.46. The firm has a market cap of $267.85 million, a P/E ratio of 9.55 and a beta of 0.42.

Orange County Bancorp (NASDAQ:OBT) last announced its earnings results on Wednesday, February 5th. The company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.05). Orange County Bancorp had a net margin of 19.47% and a return on equity of 15.51%. Analysts predict that Orange County Bancorp, Inc. will post 2.83 earnings per share for the current fiscal year.

Orange County Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Tuesday, March 4th. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.13. Orange County Bancorp’s dividend payout ratio (DPR) is presently 21.05%.

Institutional Trading of Orange County Bancorp

A number of hedge funds have recently modified their holdings of OBT. American Century Companies Inc. raised its stake in Orange County Bancorp by 59.8% during the fourth quarter. American Century Companies Inc. now owns 53,753 shares of the company’s stock valued at $2,987,000 after buying an additional 20,118 shares during the last quarter. LPL Financial LLC purchased a new position in shares of Orange County Bancorp in the 4th quarter worth about $645,000. JPMorgan Chase & Co. boosted its stake in Orange County Bancorp by 129.0% in the 4th quarter. JPMorgan Chase & Co. now owns 19,100 shares of the company’s stock worth $1,061,000 after purchasing an additional 10,761 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Orange County Bancorp by 50.5% during the 4th quarter. Bank of New York Mellon Corp now owns 28,038 shares of the company’s stock valued at $1,558,000 after purchasing an additional 9,403 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Orange County Bancorp during the 3rd quarter valued at about $379,000. 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.