Geode Capital Management LLC Raises Stake in Orange County Bancorp, Inc. (NASDAQ:OBT)

Geode Capital Management LLC increased its stake in Orange County Bancorp, Inc. (NASDAQ:OBT) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,414 shares of the company’s stock after purchasing an additional 1,649 shares during the quarter. Geode Capital Management LLC’s holdings in Orange County Bancorp were worth $6,722,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. SG Americas Securities LLC acquired a new position in Orange County Bancorp during the third quarter worth $110,000. Quadrature Capital Ltd acquired a new position in shares of Orange County Bancorp during the 3rd quarter worth $379,000. Dimensional Fund Advisors LP boosted its position in shares of Orange County Bancorp by 9.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,564 shares of the company’s stock worth $399,000 after buying an additional 674 shares in the last quarter. Barclays PLC grew its stake in Orange County Bancorp by 183.2% in the 3rd quarter. Barclays PLC now owns 7,934 shares of the company’s stock valued at $478,000 after acquiring an additional 5,132 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Orange County Bancorp by 6.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 22,730 shares of the company’s stock valued at $1,202,000 after acquiring an additional 1,376 shares in the last quarter. Hedge funds and other institutional investors own 42.55% of the company’s stock.

Insider Activity

In other news, SVP Michael Listner sold 589 shares of Orange County Bancorp stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $59.40, for a total value of $34,986.60. Following the completion of the sale, the senior vice president now owns 3,072 shares of the company’s stock, valued at $182,476.80. The trade was a 16.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph A. Ruhl sold 910 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $57.75, for a total value of $52,552.50. Following the completion of the transaction, the insider now owns 14,464 shares of the company’s stock, valued at $835,296. The trade was a 5.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,925 shares of company stock valued at $110,969 over the last 90 days. Insiders own 10.50% of the company’s stock.

Orange County Bancorp Price Performance

OBT stock opened at $54.19 on Friday. The stock’s 50 day moving average price is $58.03 and its 200 day moving average price is $56.13. The firm has a market cap of $307.47 million, a P/E ratio of 10.58 and a beta of 0.40. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. Orange County Bancorp, Inc. has a 1 year low of $41.00 and a 1 year high of $66.11.

Orange County Bancorp (NASDAQ:OBT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.86). Orange County Bancorp had a net margin of 20.31% and a return on equity of 16.37%. The company had revenue of $35.61 million for the quarter, compared to analyst estimates of $26.60 million. On average, sell-side analysts expect that Orange County Bancorp, Inc. will post 4.93 earnings per share for the current fiscal year.

Orange County Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, December 4th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This is an increase from Orange County Bancorp’s previous quarterly dividend of $0.23. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.85%. Orange County Bancorp’s payout ratio is 19.53%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler upped their price target on shares of Orange County Bancorp from $66.00 to $71.00 and gave the company an “overweight” rating in a report on Friday, December 13th.

Orange County Bancorp Company Profile

Orange County Bancorp, Inc, through its subsidiaries, provides commercial and consumer banking products and services, and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and individuals. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.