Piper Sandler Cuts Orange County Bancorp (NASDAQ:OBT) Price Target to $66.00

Orange County Bancorp (NASDAQ:OBT) had its price objective decreased by Piper Sandler from $69.00 to $66.00 in a report issued on Thursday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Orange County Bancorp Trading Up 0.6 %

NASDAQ OBT opened at $53.22 on Thursday. The company has a market capitalization of $301.23 million, a price-to-earnings ratio of 10.39 and a beta of 0.36. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.86 and a quick ratio of 0.86. Orange County Bancorp has a 12 month low of $41.00 and a 12 month high of $64.01. The company’s fifty day moving average price is $56.93 and its two-hundred day moving average price is $52.67.

Orange County Bancorp (NASDAQ:OBT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.16. Orange County Bancorp had a return on equity of 16.91% and a net margin of 20.31%. The business had revenue of $36.32 million during the quarter, compared to the consensus estimate of $25.34 million. As a group, research analysts predict that Orange County Bancorp will post 5.91 earnings per share for the current fiscal year.

Orange County Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, September 4th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Wednesday, September 4th. Orange County Bancorp’s dividend payout ratio is currently 17.97%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OBT. Hudson Valley Investment Advisors Inc. ADV lifted its holdings in shares of Orange County Bancorp by 0.7% in 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 last quarter. Vanguard Group Inc. increased its position in Orange County Bancorp by 1.3% in the first quarter. Vanguard Group Inc. now owns 201,453 shares of the company’s stock worth $9,267,000 after buying an additional 2,492 shares during the period. Hennessy Advisors Inc. lifted 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 last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Orange County Bancorp by 6.4% during the second quarter. Bank of New York Mellon Corp now owns 22,730 shares of the company’s stock valued at $1,202,000 after acquiring an additional 1,376 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Orange County Bancorp by 9.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,564 shares of the company’s stock worth $399,000 after acquiring an additional 674 shares during the last quarter. 42.55% of the stock is currently owned by institutional investors.

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.