Orange County Bancorp, Inc. (NASDAQ:OBT) Short Interest Update

Orange County Bancorp, Inc. (NASDAQ:OBT) saw a significant growth in short interest in March. As of March 13th, there was short interest totaling 81,413 shares, a growth of 51.8% from the February 26th total of 53,639 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 45,052 shares, the short-interest ratio is presently 1.8 days.

Orange County Bancorp Price Performance

OBT opened at $31.85 on Monday. Orange County Bancorp has a 12 month low of $20.97 and a 12 month high of $37.99. The business has a 50-day moving average of $32.42 and a two-hundred day moving average of $28.65. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $425.83 million, a price-to-earnings ratio of 9.59 and a beta of 0.42.

Orange County Bancorp (NASDAQ:OBT) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.18. Orange County Bancorp had a net margin of 26.32% and a return on equity of 16.51%. The business had revenue of $33.03 million for the quarter, compared to analyst estimates of $31.40 million. On average, research analysts expect that Orange County Bancorp will post 2.83 earnings per share for the current year.

Orange County Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Wednesday, March 4th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $0.72 dividend on an annualized basis and a yield of 2.3%. Orange County Bancorp’s dividend payout ratio (DPR) is currently 21.69%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OBT. Wall Street Zen downgraded Orange County Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings raised shares of Orange County Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 6th. Hovde Group upped their target price on shares of Orange County Bancorp from $32.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Finally, Piper Sandler restated an “overweight” rating and issued a $36.00 target price (up from $32.00) on shares of Orange County Bancorp in a report on Thursday, February 5th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Orange County Bancorp has an average rating of “Moderate Buy” and an average price target of $37.00.

Institutional Inflows and Outflows

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

Orange County Bancorp Company Profile

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.