Hsbc Holdings PLC Buys New Stake in Orange County Bancorp, Inc. $OBT

Hsbc Holdings PLC purchased a new stake in Orange County Bancorp, Inc. (NASDAQ:OBT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 43,429 shares of the company’s stock, valued at approximately $1,597,000. Hsbc Holdings PLC owned about 0.32% of Orange County Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Orange County Bancorp during the 2nd quarter valued at about $72,094,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Orange County Bancorp in the second quarter worth about $11,311,000. Fourthstone LLC grew its holdings in Orange County Bancorp by 169.9% during the fourth quarter. Fourthstone LLC now owns 192,846 shares of the company’s stock worth $5,506,000 after acquiring an additional 121,402 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Orange County Bancorp by 29.8% during the second quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company’s stock worth $8,262,000 after acquiring an additional 73,483 shares during the period. Finally, Boothbay Fund Management LLC purchased a new position in Orange County Bancorp during the second quarter valued at approximately $1,638,000. 42.55% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Gregory Sousa sold 1,882 shares of Orange County Bancorp stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $38.75, for a total value of $72,927.50. Following the sale, the executive vice president owned 10,572 shares of the company’s stock, valued at approximately $409,665. This trade represents a 15.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Stephen Rooney sold 1,500 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $38.71, for a total transaction of $58,065.00. Following the completion of the sale, the senior vice president directly owned 8,606 shares of the company’s stock, valued at approximately $333,138.26. The trade was a 14.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,547 shares of company stock valued at $176,136 over the last 90 days. Company insiders own 8.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on OBT. Hovde Group upped their price objective on Orange County Bancorp from $40.00 to $42.50 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a report on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Orange County Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $39.25.

Orange County Bancorp Stock Performance

OBT stock opened at $38.10 on Monday. Orange County Bancorp, Inc. has a 52-week low of $23.25 and a 52-week high of $40.10. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.11. The firm has a market cap of $510.84 million, a P/E ratio of 10.73 and a beta of 0.41. The company’s 50-day simple moving average is $37.77 and its 200-day simple moving average is $35.27.

Orange County Bancorp (NASDAQ:OBT) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.22. The firm had revenue of $27.82 million during the quarter, compared to analyst estimates of $33.00 million. Orange County Bancorp had a return on equity of 16.44% and a net margin of 30.80%.

Orange County Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, September 4th will be given a $0.18 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.9%. Orange County Bancorp’s payout ratio is 20.28%.

Orange County Bancorp 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.