Orange County Bancorp (NASDAQ:OBT) Issues Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Orange County Bancorp (NASDAQ:OBT) issued its earnings results on Wednesday. The company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.16, Zacks reports. Orange County Bancorp had a return on equity of 21.76% and a net margin of 24.81%. The firm had revenue of $36.32 million for the quarter, compared to analyst estimates of $25.34 million.

Orange County Bancorp Trading Down 1.5 %

Shares of NASDAQ:OBT traded down $0.83 during midday trading on Friday, reaching $55.30. The company had a trading volume of 12,172 shares, compared to its average volume of 18,319. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.86 and a current ratio of 0.86. Orange County Bancorp has a 1-year low of $39.71 and a 1-year high of $64.01. The firm has a market cap of $313.00 million, a price-to-earnings ratio of 8.76 and a beta of 0.34. The company has a fifty day simple moving average of $50.88 and a two-hundred day simple moving average of $48.27.

Orange County Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Tuesday, June 4th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend was Tuesday, June 4th. Orange County Bancorp’s payout ratio is currently 14.58%.

Insider Activity at Orange County Bancorp

In other Orange County Bancorp news, EVP Michael J. Coulter sold 1,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $51.84, for a total transaction of $51,840.00. Following the completion of the sale, the executive vice president now directly owns 5,201 shares in the company, valued at approximately $269,619.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Piper Sandler increased their target price on Orange County Bancorp from $53.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday.

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.