Orange County Bancorp, Inc. (NASDAQ:OBT) Raises Dividend to $0.25 Per Share

Orange County Bancorp, Inc. (NASDAQ:OBT) announced a quarterly dividend on Tuesday, November 26th,Wall Street Journal reports. Stockholders of record on Wednesday, December 4th will be paid a dividend of 0.25 per share on Monday, December 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Wednesday, December 4th. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.23.

Orange County Bancorp has a dividend payout ratio of 17.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Orange County Bancorp to earn $5.71 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 16.1%.

Orange County Bancorp Trading Down 1.5 %

Shares of Orange County Bancorp stock traded down $0.92 on Tuesday, hitting $58.46. 16,880 shares of the company traded hands, compared to its average volume of 11,411. Orange County Bancorp has a 52 week low of $41.00 and a 52 week high of $66.11. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The stock’s 50 day moving average price is $57.70 and its 200-day moving average price is $54.23. The company has a market cap of $331.47 million, a PE ratio of 11.60 and a beta of 0.36.

Orange County Bancorp (NASDAQ:OBT) last announced its earnings results on Wednesday, October 30th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $26.60 million. Equities research analysts predict that Orange County Bancorp will post 5.43 EPS for the current year.

Insiders Place Their Bets

In related news, insider Joseph A. Ruhl sold 910 shares of the stock in a transaction on 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 transaction, the insider now directly owns 14,464 shares of the company’s stock, valued at approximately $835,296. This represents a 5.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Listner sold 589 shares of the firm’s stock in a transaction 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 in the company, valued at $182,476.80. The trade was a 16.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,925 shares of company stock worth $110,969. 10.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, Piper Sandler dropped their price objective on shares of Orange County Bancorp from $69.00 to $66.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st.

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.