Orange County Bancorp (NASDAQ:OBT) Price Target Raised to $71.00

Orange County Bancorp (NASDAQ:OBT) had its price target lifted by stock analysts at Piper Sandler from $66.00 to $71.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 19.33% from the company’s current price.

Orange County Bancorp Stock Down 2.4 %

Shares of Orange County Bancorp stock opened at $59.50 on Friday. The company has a market capitalization of $337.37 million, a P/E ratio of 11.62 and a beta of 0.40. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50-day moving average of $57.99 and a two-hundred day moving average of $55.09. Orange County Bancorp has a 1 year low of $41.00 and a 1 year high of $66.11.

Orange County Bancorp (NASDAQ:OBT) last announced its quarterly 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 net margin of 20.31% and a return on equity of 16.37%. The company had revenue of $35.61 million during the quarter, compared to the consensus estimate of $26.60 million. As a group, equities analysts predict that Orange County Bancorp will post 4.93 EPS for the current year.

Insider Buying and Selling

In related news, insider Joseph A. Ruhl sold 910 shares of the company’s 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 in the company, valued at approximately $835,296. This represents a 5.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Michael Listner sold 589 shares of the firm’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 transaction, the senior vice president now owns 3,072 shares of the company’s stock, valued at approximately $182,476.80. This represents a 16.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,925 shares of company stock worth $110,969. 10.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Orange County Bancorp

Several large investors have recently made changes to their positions in OBT. Hudson Valley Investment Advisors Inc. ADV raised its position in Orange County Bancorp by 0.7% during the third quarter. Hudson Valley Investment Advisors Inc. ADV now owns 602,918 shares of the company’s stock worth $36,368,000 after acquiring an additional 4,408 shares in the last quarter. Vanguard Group Inc. lifted its stake 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 purchasing an additional 2,492 shares during the last quarter. Geode Capital Management LLC grew its holdings in Orange County Bancorp by 1.5% during the third quarter. Geode Capital Management LLC now owns 111,414 shares of the company’s stock worth $6,722,000 after purchasing an additional 1,649 shares during the period. State Street Corp increased its position in Orange County Bancorp by 5.7% during the third quarter. State Street Corp now owns 74,966 shares of the company’s stock worth $4,522,000 after buying an additional 4,060 shares during the last quarter. Finally, Hennessy Advisors Inc. raised its stake in Orange County Bancorp by 28.9% in the second quarter. Hennessy Advisors Inc. now owns 34,809 shares of the company’s stock valued at $1,841,000 after buying an additional 7,809 shares during the period. Institutional investors and hedge funds own 42.55% of the company’s stock.

Orange County Bancorp Company Profile

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.