Orange County Bancorp, Inc. (NASDAQ:OBT) Sees Significant Drop in Short Interest

Orange County Bancorp, Inc. (NASDAQ:OBT) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 31,000 shares, a drop of 18.8% from the October 31st total of 38,200 shares. Based on an average trading volume of 15,700 shares, the days-to-cover ratio is presently 2.0 days. Currently, 0.7% of the shares of the stock are sold short.

Analyst Ratings Changes

Separately, Piper Sandler reduced their price objective 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 related news, SVP Michael Listner sold 589 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $59.40, for a total value 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 filing with the SEC, which can be accessed through the SEC website. Also, insider Joseph A. Ruhl sold 910 shares of Orange County Bancorp stock in a transaction dated 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 sale, the insider now owns 14,464 shares in the company, valued at approximately $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 quarter, insiders have sold 1,925 shares of company stock valued at $110,969. 10.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Orange County Bancorp

A number of hedge funds have recently modified their holdings of the company. Barclays PLC increased its stake in Orange County Bancorp by 183.2% during the third quarter. Barclays PLC now owns 7,934 shares of the company’s stock worth $478,000 after acquiring an additional 5,132 shares during the last quarter. Geode Capital Management LLC raised its holdings in 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 during the period. State Street Corp lifted its position in Orange County Bancorp by 5.7% in the third quarter. State Street Corp now owns 74,966 shares of the company’s stock valued at $4,522,000 after buying an additional 4,060 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Orange County Bancorp in the third quarter valued at about $379,000. Finally, Hudson Valley Investment Advisors Inc. ADV boosted its position in shares of Orange County Bancorp by 0.7% during 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 period. Hedge funds and other institutional investors own 42.55% of the company’s stock.

Orange County Bancorp Stock Performance

NASDAQ:OBT opened at $59.64 on Monday. The company has a market cap of $338.16 million, a P/E ratio of 11.65 and a beta of 0.36. Orange County Bancorp has a twelve month low of $41.00 and a twelve month high of $66.11. The company’s 50-day moving average price is $57.63 and its 200-day moving average price is $54.51. 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 (NASDAQ:OBT) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.86). The business had revenue of $35.61 million during the quarter, compared to analyst estimates of $26.60 million. Orange County Bancorp had a net margin of 20.31% and a return on equity of 16.37%. On average, sell-side analysts forecast that Orange County Bancorp will post 5.43 earnings per share for the current fiscal year.

Orange County Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, December 4th will be given 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 annualized dividend and a dividend yield of 1.68%. Orange County Bancorp’s payout ratio is presently 17.97%.

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.