30,542 Shares in Orange County Bancorp, Inc. $OBT Bought by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC purchased a new stake in Orange County Bancorp, Inc. (NASDAQ:OBT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 30,542 shares of the company’s stock, valued at approximately $770,000. SummerHaven Investment Management LLC owned about 0.23% of Orange County Bancorp at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of OBT. Azora Capital LP purchased a new position in Orange County Bancorp during the second quarter worth about $1,292,000. Fourthstone LLC purchased a new stake in Orange County Bancorp in the 2nd quarter valued at about $6,210,000. Gator Capital Management LLC bought a new position in shares of Orange County Bancorp during the 2nd quarter worth approximately $517,000. Endeavour Capital Advisors Inc. purchased a new position in shares of Orange County Bancorp in the 2nd quarter worth approximately $5,121,000. Finally, EJF Capital LLC bought a new position in shares of Orange County Bancorp in the second quarter valued at approximately $2,944,000. 42.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on OBT. Weiss Ratings reiterated a “hold (c+)” rating on shares of Orange County Bancorp in a report on Thursday, January 22nd. Piper Sandler reiterated an “overweight” rating and set a $31.00 target price (up from $29.00) on shares of Orange County Bancorp in a research note on Wednesday, December 10th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.25.

Insider Activity

In other Orange County Bancorp news, CEO Michael J. Gilfeather acquired 1,300 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The stock was bought at an average cost of $24.02 per share, with a total value of $31,226.00. Following the acquisition, the chief executive officer owned 106,788 shares in the company, valued at approximately $2,565,047.76. This represents a 1.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP David P. Dineen sold 1,000 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $28.81, for a total transaction of $28,810.00. Following the sale, the senior vice president directly owned 8,214 shares in the company, valued at $236,645.34. The trade was a 10.85% decrease in their position. The SEC filing for this sale provides additional information. 9.30% of the stock is owned by corporate insiders.

Orange County Bancorp Price Performance

Shares of NASDAQ OBT opened at $29.70 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. The stock has a fifty day simple moving average of $28.59 and a two-hundred day simple moving average of $26.61. Orange County Bancorp, Inc. has a 1-year low of $20.97 and a 1-year high of $31.49. The firm has a market cap of $397.09 million, a price-to-earnings ratio of 9.83 and a beta of 0.43.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $33.73 million for the quarter, compared to analysts’ expectations of $28.60 million. Orange County Bancorp had a return on equity of 15.98% and a net margin of 23.51%. Analysts anticipate that Orange County Bancorp, Inc. will post 2.83 earnings per share for the current year.

Orange County Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 16th. Shareholders of record on Thursday, December 4th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.4%. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, December 4th. Orange County Bancorp’s payout ratio is currently 23.84%.

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.