Orange County Bancorp (NASDAQ:OBT) Given New $66.00 Price Target at Piper Sandler

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

Orange County Bancorp Stock Up 5.2 %

OBT traded up $2.76 during midday trading on Thursday, hitting $55.68. 14,249 shares of the company’s stock traded hands, compared to its average volume of 10,646. The stock’s fifty day simple moving average is $57.06 and its 200-day simple moving average is $52.57. Orange County Bancorp has a one year low of $41.00 and a one year high of $64.01. The company has a market cap of $315.15 million, a PE ratio of 10.80 and a beta of 0.33. 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 (NASDAQ:OBT) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.46 earnings per share (EPS) for the quarter, topping 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. As a group, equities analysts anticipate that Orange County Bancorp will post 5.91 earnings per share for the current fiscal year.

Orange County Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, September 4th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Wednesday, September 4th. Orange County Bancorp’s dividend payout ratio is 17.97%.

Institutional Trading of Orange County Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in shares of 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 acquiring an additional 674 shares during the period. Bank of New York Mellon Corp boosted its holdings in Orange County Bancorp by 6.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 22,730 shares of the company’s stock valued at $1,202,000 after purchasing an additional 1,376 shares during the period. SG Americas Securities LLC acquired a new stake in Orange County Bancorp in the 3rd quarter worth $110,000. Vanguard Group Inc. increased its holdings in shares of Orange County Bancorp by 1.3% during the 1st 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 during the period. Finally, Hudson Valley Investment Advisors Inc. ADV raised its position in shares of Orange County Bancorp by 0.7% during 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 buying an additional 4,408 shares during the last quarter. Institutional investors and hedge funds own 42.55% of the company’s stock.

About Orange County Bancorp

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.