Orange County Bancorp (NASDAQ:OBT) Price Target Raised to $38.00 at Hovde Group

Orange County Bancorp (NASDAQ:OBT) had its price objective hoisted by analysts at Hovde Group from $32.00 to $38.00 in a report released on Friday. The brokerage currently has an “outperform” rating on the stock. Hovde Group’s price objective would indicate a potential upside of 11.54% from the company’s current price.

Several other brokerages have also recently issued reports on OBT. Piper Sandler restated an “overweight” rating and issued a $36.00 price target (up previously from $32.00) on shares of Orange County Bancorp in a research report on Thursday. Weiss Ratings reissued a “hold (c+)” rating on shares of Orange County Bancorp in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Orange County Bancorp Stock Up 4.6%

OBT stock opened at $34.07 on Friday. The company has a market cap of $455.52 million, a price-to-earnings ratio of 10.26 and a beta of 0.43. The company has a fifty day moving average price of $29.22 and a 200 day moving average price of $26.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.91. Orange County Bancorp has a 12 month low of $20.97 and a 12 month high of $35.07.

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

Insiders Place Their Bets

In related news, SVP David P. Dineen sold 1,000 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $28.81, for a total transaction of $28,810.00. Following the transaction, the senior vice president owned 8,214 shares of the company’s stock, valued at $236,645.34. This represents a 10.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 9.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Orange County Bancorp

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

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.