Orange County Bancorp, Inc. (NASDAQ:OBT) Declares Dividend Increase – $0.25 Per Share

Orange County Bancorp, Inc. (NASDAQ:OBT) declared a quarterly dividend on Tuesday, November 26th,Wall Street Journal reports. Investors of record on Wednesday, December 4th will be given a dividend of 0.25 per share on Monday, December 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Wednesday, December 4th. This is an increase from Orange County Bancorp’s previous quarterly dividend of $0.23.

Orange County Bancorp has a payout ratio of 17.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Orange County Bancorp to earn $5.71 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 16.1%.

Orange County Bancorp Trading Down 1.5 %

Shares of OBT traded down $0.92 during midday trading on Tuesday, hitting $58.46. 16,880 shares of the stock were exchanged, compared to its average volume of 11,411. Orange County Bancorp has a 52-week low of $41.00 and a 52-week high of $66.11. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a fifty day simple moving average of $57.70 and a 200 day simple moving average of $54.23. The firm has a market cap of $331.47 million, a P/E ratio of 11.60 and a beta of 0.36.

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

Insider Buying and Selling

In other Orange County Bancorp news, SVP Michael Listner sold 589 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $59.40, for a total transaction of $34,986.60. Following the transaction, the senior vice president now directly owns 3,072 shares of the company’s stock, valued at approximately $182,476.80. This trade represents a 16.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Joseph A. Ruhl sold 910 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $57.75, for a total transaction of $52,552.50. Following the sale, the insider now owns 14,464 shares of the company’s stock, valued at $835,296. This trade represents a 5.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,925 shares of company stock worth $110,969 over the last 90 days. 10.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered their price target on shares of Orange County Bancorp from $69.00 to $66.00 and set an “overweight” rating for the company in a report on Thursday, October 31st.

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.