Orange County Bancorp (NASDAQ:OBT) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Orange County Bancorp (NASDAQ:OBTGet Rating) issued its quarterly earnings results on Wednesday. The company reported $0.95 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.97 by ($0.02), Yahoo Finance reports. Orange County Bancorp had a return on equity of 15.32% and a net margin of 27.28%.

Shares of OBT stock opened at $39.45 on Friday. The company has a 50 day moving average price of $40.09 and a 200-day moving average price of $39.27. Orange County Bancorp has a 52 week low of $31.75 and a 52 week high of $42.61. The firm has a market capitalization of $222.10 million, a PE ratio of 9.53 and a beta of 0.60.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 15th. Shareholders of record on Wednesday, March 2nd were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, March 1st. This represents a $0.80 dividend on an annualized basis and a yield of 2.03%. Orange County Bancorp’s dividend payout ratio is currently 19.32%.

Several hedge funds have recently made changes to their positions in OBT. Morgan Stanley bought a new stake in shares of Orange County Bancorp in the third quarter worth approximately $179,000. The Manufacturers Life Insurance Company grew its stake in shares of Orange County Bancorp by 2.3% in 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. Finally, BlackRock Inc. boosted its holdings in shares of Orange County Bancorp by 15.1% in the fourth quarter. BlackRock Inc. now owns 3,544 shares of the company’s stock worth $141,000 after buying an additional 465 shares during the last quarter. Hedge funds and other institutional investors own 44.30% of the company’s stock.

Separately, Zacks Investment Research upgraded shares of Orange County Bancorp from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note 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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