Renaissance Technologies LLC Boosts Holdings in Orange County Bancorp, Inc. $OBT

Renaissance Technologies LLC boosted its holdings in Orange County Bancorp, Inc. (NASDAQ:OBT) by 169.4% in the 1st quarter, HoldingsChannel reports. The firm owned 22,900 shares of the company’s stock after purchasing an additional 14,400 shares during the quarter. Renaissance Technologies LLC’s holdings in Orange County Bancorp were worth $732,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Orange County Bancorp by 4.7% during the third quarter. JPMorgan Chase & Co. now owns 10,666 shares of the company’s stock valued at $269,000 after buying an additional 476 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Orange County Bancorp by 8.1% during the third quarter. Rhumbline Advisers now owns 10,600 shares of the company’s stock worth $267,000 after acquiring an additional 793 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Orange County Bancorp by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 20,268 shares of the company’s stock worth $524,000 after acquiring an additional 862 shares during the last quarter. LPL Financial LLC grew its stake in Orange County Bancorp by 4.1% during the fourth quarter. LPL Financial LLC now owns 22,285 shares of the company’s stock valued at $636,000 after acquiring an additional 875 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Orange County Bancorp by 5,416.7% during the third quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock valued at $25,000 after acquiring an additional 975 shares in the last quarter. 42.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Orange County Bancorp news, EVP Gregory Sousa sold 1,882 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $38.75, for a total transaction of $72,927.50. Following the transaction, the executive vice president owned 10,572 shares in the company, valued at $409,665. The trade was a 15.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Stephen Rooney sold 1,500 shares of the stock in a transaction on Tuesday, August 4th. The shares were 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 in the company, valued at approximately $333,138.26. This represents a 14.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,547 shares of company stock valued at $176,136. 8.20% of the stock is owned by corporate insiders.

Orange County Bancorp Trading Up 0.2%

Shares of OBT stock opened at $39.19 on Friday. The company has a market cap of $525.46 million, a PE ratio of 11.04 and a beta of 0.41. Orange County Bancorp, Inc. has a 1 year low of $23.25 and a 1 year high of $40.10. The stock’s 50 day simple moving average is $37.34 and its two-hundred day simple moving average is $34.82. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.93 and a quick ratio of 0.92.

Orange County Bancorp (NASDAQ:OBT) last announced its earnings results on Tuesday, July 28th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.22. The firm had revenue of $27.82 million during the quarter, compared to analysts’ expectations 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 business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a $0.18 dividend. The ex-dividend date was Thursday, June 4th. This represents a $0.72 dividend on an annualized basis and a yield of 1.8%. Orange County Bancorp’s dividend payout ratio (DPR) is currently 20.28%.

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.