Orange County Bancorp, Inc. (NASDAQ:OBT) Sees Large Increase in Short Interest

Orange County Bancorp, Inc. (NASDAQ:OBTGet Rating) was the target of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 34,300 shares, a growth of 1,917.6% from the March 15th total of 1,700 shares. Currently, 0.7% of the shares of the company are sold short. Based on an average trading volume of 6,600 shares, the short-interest ratio is currently 5.2 days.

OBT stock opened at $39.82 on Wednesday. The company has a fifty day simple moving average of $40.52. Orange County Bancorp has a 12 month low of $31.00 and a 12 month high of $42.61.

Orange County Bancorp (NASDAQ:OBTGet Rating) last posted its earnings results on Wednesday, January 26th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.07. The firm had revenue of $19.36 million during the quarter, compared to analyst estimates of $18.70 million. As a group, sell-side analysts predict that Orange County Bancorp will post 3.96 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 15th. Investors of record on Wednesday, March 2nd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Tuesday, March 1st.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Banc Funds Co. LLC raised its position in Orange County Bancorp by 64.1% during the third quarter. Banc Funds Co. LLC now owns 401,486 shares of the company’s stock worth $14,110,000 after acquiring an additional 156,846 shares during the period. Alliancebernstein L.P. raised its position in Orange County Bancorp by 1.2% during the fourth quarter. Alliancebernstein L.P. now owns 231,001 shares of the company’s stock worth $9,159,000 after acquiring an additional 2,793 shares during the period. M3F Inc. acquired a new position in Orange County Bancorp during the third quarter worth $6,184,000. FJ Capital Management LLC acquired a new position in Orange County Bancorp during the third quarter worth $5,354,000. Finally, The Manufacturers Life Insurance Company raised its position in Orange County Bancorp by 2.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 128,873 shares of the company’s stock worth $5,429,000 after acquiring an additional 2,850 shares during the period. Hedge funds and other institutional investors own 44.30% of the company’s stock.

Separately, Zacks Investment Research raised shares of Orange County Bancorp from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Thursday, January 6th.

About Orange County Bancorp (Get Rating)

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.

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