Orange County Bancorp (NASDAQ:OBT) Stock Price Expected to Rise, Hovde Group Analyst Says

Orange County Bancorp (NASDAQ:OBT) had its target price increased by equities researchers at Hovde Group from $32.00 to $38.00 in a note issued to investors on Friday, MarketBeat reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s price target points to a potential upside of 7.92% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Weiss Ratings restated a “hold (c+)” rating on shares of Orange County Bancorp in a research report on Thursday, January 22nd. Piper Sandler reissued an “overweight” rating and issued a $36.00 price target (up from $32.00) on shares of Orange County Bancorp in a research note on Thursday. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Orange County Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Orange County Bancorp Trading Up 3.3%

NASDAQ:OBT opened at $35.21 on Friday. Orange County Bancorp has a 52 week low of $20.97 and a 52 week high of $35.43. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 0.91. The firm’s fifty day moving average is $29.38 and its 200-day moving average is $26.82. The firm has a market cap of $470.76 million, a P/E ratio of 10.61 and a beta of 0.43.

Orange County Bancorp (NASDAQ:OBT) last released its earnings results on Wednesday, February 4th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.18. The business had revenue of $33.03 million for the quarter, compared to analyst estimates of $31.40 million. Orange County Bancorp had a net margin of 26.32% and a return on equity of 17.24%. Equities analysts expect that Orange County Bancorp will post 2.83 earnings per share for the current year.

Insider Transactions at Orange County Bancorp

In related news, SVP David P. Dineen sold 1,000 shares of Orange County Bancorp stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $28.81, for a total value of $28,810.00. Following the completion of the sale, the senior vice president owned 8,214 shares of the company’s stock, valued at approximately $236,645.34. This trade represents a 10.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 9.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. increased its position in shares of Orange County Bancorp by 5,416.7% during the third quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock worth $25,000 after acquiring an additional 975 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Orange County Bancorp during the 2nd quarter valued at about $28,000. CWM LLC increased its holdings in Orange County Bancorp by 174.5% during the 3rd quarter. CWM LLC now owns 1,356 shares of the company’s stock worth $34,000 after purchasing an additional 862 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Orange County Bancorp by 140.0% in the third quarter. New York State Common Retirement Fund now owns 3,086 shares of the company’s stock worth $78,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Orange County Bancorp by 706.8% in the second quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company’s stock valued at $89,000 after purchasing an additional 3,025 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.

About Orange County Bancorp

Orange County Bancorp, Inc (NASDAQ: OBT) is the bank holding company for Orange County Trust Bank, a community banking franchise headquartered in Goshen, New York. The company provides a full suite of financial services to individuals, small businesses and local organizations across Orange County and the surrounding Hudson Valley region.

Orange County Bancorp offers depository products that include checking and savings accounts, money market funds and certificates of deposit. On the lending side, the company extends commercial real estate and business loans, residential mortgage loans, consumer installment loans and home equity financing.