Orange County Bancorp (NASDAQ:OBT) Given New $71.00 Price Target at Piper Sandler

Orange County Bancorp (NASDAQ:OBT) had its price objective hoisted by equities researchers at Piper Sandler from $66.00 to $71.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 20.01% from the company’s current price.

Orange County Bancorp Trading Down 0.6 %

Shares of NASDAQ:OBT opened at $59.16 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.84. Orange County Bancorp has a 12-month low of $41.00 and a 12-month high of $66.11. The firm has a fifty day moving average of $58.08 and a two-hundred day moving average of $55.17. The firm has a market capitalization of $335.67 million, a P/E ratio of 11.55 and a beta of 0.40.

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

Insider Activity

In related news, insider Joseph A. Ruhl sold 910 shares of the stock in a transaction dated 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. This represents a 5.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Listner sold 589 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were 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 in the company, valued at $182,476.80. This trade represents a 16.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,925 shares of company stock valued at $110,969. Insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of OBT. Hudson Valley Investment Advisors Inc. ADV boosted its position in Orange County Bancorp by 0.7% in the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 602,918 shares of the company’s stock valued at $36,368,000 after buying an additional 4,408 shares during the last quarter. Vanguard Group Inc. grew its holdings in Orange County Bancorp by 1.3% during the first quarter. Vanguard Group Inc. now owns 201,453 shares of the company’s stock valued at $9,267,000 after purchasing an additional 2,492 shares during the period. Geode Capital Management LLC increased its position in shares of Orange County Bancorp by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 111,414 shares of the company’s stock valued at $6,722,000 after buying an additional 1,649 shares in the last quarter. State Street Corp lifted its holdings in Orange County Bancorp by 5.7% during the third quarter. State Street Corp now owns 74,966 shares of the company’s stock worth $4,522,000 after acquiring an additional 4,060 shares in the last quarter. Finally, Hennessy Advisors Inc. grew its stake in Orange County Bancorp by 28.9% in the second quarter. Hennessy Advisors Inc. now owns 34,809 shares of the company’s stock valued at $1,841,000 after acquiring an additional 7,809 shares during the period. 42.55% of the stock is owned by institutional investors and hedge funds.

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.