Orange County Bancorp (NASDAQ:OBT) Given New $66.00 Price Target at Piper Sandler

Orange County Bancorp (NASDAQ:OBT) had its target price decreased by equities research analysts at Piper Sandler from $69.00 to $66.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 19.98% from the stock’s current price.

Orange County Bancorp Price Performance

Shares of OBT stock traded down $2.05 during trading hours on Thursday, reaching $55.01. The company’s stock had a trading volume of 6,327 shares, compared to its average volume of 10,601. The firm’s 50 day simple moving average is $57.09 and its 200-day simple moving average is $52.57. The company has a market capitalization of $311.58 million, a price-to-earnings ratio of 8.93 and a beta of 0.33. Orange County Bancorp has a fifty-two week low of $41.00 and a fifty-two week high of $64.01. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45.

Orange County Bancorp (NASDAQ:OBT) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.16. Orange County Bancorp had a return on equity of 21.15% and a net margin of 24.81%. The company had revenue of $36.32 million for the quarter, compared to the consensus estimate of $25.34 million. Sell-side analysts forecast that Orange County Bancorp will post 5.91 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Hennessy Advisors Inc. raised its position in shares of 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 acquiring an additional 7,809 shares in the last quarter. Vanguard Group Inc. increased 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 valued at $9,267,000 after buying an additional 2,492 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Orange County Bancorp by 9.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,564 shares of the company’s stock valued at $399,000 after buying an additional 674 shares in the last quarter. Bank of New York Mellon Corp increased 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 valued at $1,202,000 after buying an additional 1,376 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Orange County Bancorp in the 3rd quarter valued at about $110,000. 42.55% of the stock is owned by institutional investors.

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.