Charles Schwab Investment Management Inc. Increases Holdings in Orange County Bancorp, Inc. $OBT

Charles Schwab Investment Management Inc. raised its stake in shares of Orange County Bancorp, Inc. (NASDAQ:OBT) by 100.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,844 shares of the company’s stock after buying an additional 13,922 shares during the period. Charles Schwab Investment Management Inc. owned about 0.24% of Orange County Bancorp worth $651,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new stake in Orange County Bancorp during the 4th quarter valued at $46,000. Public Employees Retirement System of Ohio bought a new stake in shares of Orange County Bancorp during the 4th quarter valued at $60,000. New York State Common Retirement Fund grew its position in shares of Orange County Bancorp by 100.0% during the 1st quarter. New York State Common Retirement Fund now owns 5,286 shares of the company’s stock valued at $124,000 after acquiring an additional 2,643 shares during the period. Wells Fargo & Company MN grew its position in shares of Orange County Bancorp by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 2,999 shares of the company’s stock valued at $167,000 after acquiring an additional 652 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Orange County Bancorp during the 4th quarter valued at $206,000. 42.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OBT. Piper Sandler cut their price objective on shares of Orange County Bancorp from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday, July 31st. Hovde Group cut their price objective on shares of Orange County Bancorp from $30.50 to $29.50 and set an “outperform” rating for the company in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Orange County Bancorp has an average rating of “Buy” and an average target price of $29.25.

Orange County Bancorp Stock Performance

Shares of NASDAQ OBT opened at $26.52 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $354.31 million, a P/E ratio of 10.38 and a beta of 0.47. The firm’s fifty day moving average is $26.14 and its two-hundred day moving average is $25.02. Orange County Bancorp, Inc. has a 52-week low of $20.97 and a 52-week high of $33.06.

Orange County Bancorp (NASDAQ:OBT) last posted its earnings results on Wednesday, July 30th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. The firm had revenue of $32.46 million for the quarter, compared to the consensus estimate of $29.00 million. Orange County Bancorp had a net margin of 19.84% and a return on equity of 14.19%. As a group, analysts anticipate that Orange County Bancorp, Inc. will post 2.83 EPS for the current fiscal year.

Orange County Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Monday, September 8th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, September 8th. Orange County Bancorp’s payout ratio is 20.31%.

Orange County Bancorp Company Profile

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.