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

Orange County Bancorp (NASDAQ:OBT) had its price target trimmed by Piper Sandler from $69.00 to $66.00 in a research report sent to investors on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

Orange County Bancorp Stock Performance

NASDAQ:OBT opened at $53.22 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $301.23 million, a PE ratio of 10.39 and a beta of 0.36. The firm has a 50 day simple moving average of $56.93 and a 200-day simple moving average of $52.67. Orange County Bancorp has a 1-year low of $41.00 and a 1-year high of $64.01.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $36.32 million during the quarter, compared to the consensus estimate of $25.34 million. On average, equities analysts expect that Orange County Bancorp will post 5.91 EPS for the current year.

Orange County Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, September 4th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Wednesday, September 4th. Orange County Bancorp’s dividend payout ratio (DPR) is 17.97%.

Hedge Funds Weigh In On Orange County Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of OBT. Hennessy Advisors Inc. raised its holdings in shares of Orange County Bancorp by 28.9% in the 2nd quarter. Hennessy Advisors Inc. now owns 34,809 shares of the company’s stock worth $1,841,000 after purchasing an additional 7,809 shares during the period. Hudson Valley Investment Advisors Inc. ADV raised its position in Orange County Bancorp by 0.7% in the third quarter. Hudson Valley Investment Advisors Inc. ADV now owns 602,918 shares of the company’s stock valued at $36,368,000 after purchasing an additional 4,408 shares during the period. Vanguard Group Inc. lifted its stake in shares of Orange County Bancorp by 1.3% during the first quarter. Vanguard Group Inc. now owns 201,453 shares of the company’s stock worth $9,267,000 after purchasing an additional 2,492 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Orange County Bancorp in the third quarter worth about $110,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Orange County Bancorp by 6.4% in 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 buying an additional 1,376 shares in the last quarter. 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.