Orange County Bancorp, Inc. (NASDAQ:OBT) to Issue Quarterly Dividend of $0.25

Orange County Bancorp, Inc. (NASDAQ:OBT) announced a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Stockholders of record on Wednesday, December 4th will be given a dividend of 0.25 per share on Monday, December 16th. This represents a $1.00 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Wednesday, December 4th. This is a positive change from Orange County Bancorp’s previous quarterly dividend of $0.23.

Orange County Bancorp has a payout ratio of 17.0% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

OBT stock opened at $59.64 on Monday. The company has a market capitalization of $338.16 million, a P/E ratio of 11.65 and a beta of 0.36. Orange County Bancorp has a 52-week low of $41.00 and a 52-week high of $66.11. The business has a 50-day simple moving average of $57.63 and a two-hundred day simple moving average of $54.51. 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 (NASDAQ:OBT) last announced its quarterly 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 return on equity of 16.37% and a net margin of 20.31%. The company had revenue of $35.61 million for the quarter, compared to the consensus estimate of $26.60 million. Research analysts expect that Orange County Bancorp will post 5.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, SVP Michael Listner sold 589 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were 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 approximately $182,476.80. This trade represents a 16.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Joseph A. Ruhl sold 910 shares of Orange County Bancorp stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $57.75, for a total transaction of $52,552.50. Following the completion of the sale, the insider now directly owns 14,464 shares in the company, valued at approximately $835,296. This represents a 5.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,925 shares of company stock valued at $110,969 over the last three months. Corporate insiders own 10.50% 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.