Orange County Bancorp, Inc. (NASDAQ:OBT) Shares Bought by State Street Corp

State Street Corp raised its holdings in shares of Orange County Bancorp, Inc. (NASDAQ:OBT) by 5.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 74,966 shares of the company’s stock after acquiring an additional 4,060 shares during the quarter. State Street Corp’s holdings in Orange County Bancorp were worth $4,522,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in 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 worth $1,202,000 after purchasing an additional 1,376 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Orange County Bancorp by 9.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,564 shares of the company’s stock valued at $399,000 after purchasing an additional 674 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Orange County Bancorp during the third quarter worth approximately $110,000. Hudson Valley Investment Advisors Inc. ADV lifted 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 buying an additional 4,408 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Orange County Bancorp in the 3rd quarter valued at $379,000. 42.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Piper Sandler lifted their price target on shares of Orange County Bancorp from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th.

Orange County Bancorp Stock Down 2.3 %

Orange County Bancorp stock opened at $54.87 on Monday. The company has a market capitalization of $311.33 million, a P/E ratio of 10.72 and a beta of 0.40. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. Orange County Bancorp, Inc. has a fifty-two week low of $41.00 and a fifty-two week high of $66.11. The stock has a 50-day simple moving average of $58.06 and a 200-day simple moving average of $55.95.

Orange County Bancorp (NASDAQ:OBT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.86). The firm 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%. Equities research analysts expect that Orange County Bancorp, Inc. will post 4.93 earnings per share for the current year.

Orange County Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, December 4th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.82%. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.23. Orange County Bancorp’s dividend payout ratio is currently 19.53%.

Insiders Place Their Bets

In other news, SVP Michael Listner sold 589 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $59.40, for a total transaction of $34,986.60. Following the completion of the sale, the senior vice president now owns 3,072 shares in the company, valued at $182,476.80. This represents a 16.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph A. Ruhl sold 910 shares of Orange County Bancorp stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $57.75, for a total transaction of $52,552.50. Following the completion of the transaction, the insider now owns 14,464 shares in the company, valued at approximately $835,296. This trade represents a 5.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,925 shares of company stock valued at $110,969. Insiders own 10.50% 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.