Orange County Bancorp, Inc. (NASDAQ:OBT) Declares Quarterly Dividend of $0.23

Orange County Bancorp, Inc. (NASDAQ:OBT) declared a quarterly dividend on Monday, November 20th, Wall Street Journal reports. Investors of record on Monday, December 4th will be paid a dividend of 0.23 per share on Friday, December 15th. This represents a $0.92 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Friday, December 1st.

Orange County Bancorp has a dividend payout ratio of 18.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Orange County Bancorp to earn $5.06 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 18.2%.

Orange County Bancorp Trading Up 0.1 %

Shares of NASDAQ:OBT traded up $0.06 during trading on Monday, reaching $47.87. The company’s stock had a trading volume of 2,852 shares, compared to its average volume of 14,907. The stock has a market capitalization of $270.47 million, a PE ratio of 8.85 and a beta of 0.17. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.22. The firm’s 50 day simple moving average is $44.08 and its two-hundred day simple moving average is $40.45. Orange County Bancorp has a 12 month low of $26.88 and a 12 month high of $55.19.

Orange County Bancorp (NASDAQ:OBT) last released its earnings results on Wednesday, October 25th. The company reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.32. Orange County Bancorp had a return on equity of 23.75% and a net margin of 24.42%. The firm had revenue of $25.72 million for the quarter, compared to analysts’ expectations of $24.20 million. On average, research analysts predict that Orange County Bancorp will post 5.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. TheStreet upgraded Orange County Bancorp from a “c+” rating to a “b-” rating in a research report on Thursday, July 27th. Piper Sandler upped their target price on shares of Orange County Bancorp from $49.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, October 26th.

Insider Activity at Orange County Bancorp

In related news, EVP Michael J. Coulter sold 1,195 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $44.50, for a total transaction of $53,177.50. Following the sale, the executive vice president now owns 5,664 shares of the company’s stock, valued at $252,048. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Orange County Bancorp news, EVP Gregory Sousa sold 1,135 shares of the stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $44.03, for a total value of $49,974.05. Following the completion of the sale, the executive vice president now directly owns 3,752 shares in the company, valued at $165,200.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Michael J. Coulter sold 1,195 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $44.50, for a total value of $53,177.50. Following the completion of the sale, the executive vice president now directly owns 5,664 shares of the company’s stock, valued at approximately $252,048. The disclosure for this sale can be found here. Insiders sold 2,543 shares of company stock worth $112,524 over the last three months. 10.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Orange County Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in Orange County Bancorp by 647.4% in the 2nd quarter. BlackRock Inc. now owns 281,141 shares of the company’s stock worth $10,402,000 after acquiring an additional 243,526 shares during the last quarter. Vanguard Group Inc. acquired a new position in Orange County Bancorp in the 1st quarter worth approximately $3,726,000. State Street Corp acquired a new stake in Orange County Bancorp during the 2nd quarter valued at approximately $2,157,000. Geode Capital Management LLC raised its stake in shares of Orange County Bancorp by 135.7% during the 2nd quarter. Geode Capital Management LLC now owns 92,944 shares of the company’s stock valued at $3,439,000 after buying an additional 53,516 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Orange County Bancorp by 385.5% in the second quarter. Northern Trust Corp now owns 39,960 shares of the company’s stock valued at $1,479,000 after acquiring an additional 31,729 shares during the period. 45.10% of the stock is owned by hedge funds and other institutional investors.

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 affluent individuals. It accepts various deposit products, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.