Orange County Bancorp (NASDAQ:OBT) Releases Earnings Results, Beats Expectations By $0.22 EPS

Orange County Bancorp (NASDAQ:OBT) issued its quarterly earnings results on Tuesday. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.22, Zacks reports. Orange County Bancorp had a return on equity of 16.09% and a net margin of 27.54%.The business had revenue of $32.58 million for the quarter, compared to analyst estimates of $33.00 million.

Orange County Bancorp Stock Performance

Shares of Orange County Bancorp stock traded up $1.20 during trading hours on Tuesday, reaching $38.88. The company had a trading volume of 44,259 shares, compared to its average volume of 63,855. The firm has a market cap of $521.30 million, a PE ratio of 11.44 and a beta of 0.41. Orange County Bancorp has a one year low of $22.98 and a one year high of $40.10. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.92 and a quick ratio of 0.92. The business has a fifty day simple moving average of $36.05 and a 200 day simple moving average of $33.95.

Orange County Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, June 4th. Orange County Bancorp’s dividend payout ratio (DPR) is presently 21.18%.

Institutional Trading of Orange County Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Fourthstone LLC grew its holdings in Orange County Bancorp by 169.9% during the 4th quarter. Fourthstone LLC now owns 192,846 shares of the company’s stock valued at $5,506,000 after buying an additional 121,402 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of 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 valued at $8,262,000 after buying an additional 73,483 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of Orange County Bancorp in the second quarter worth about $1,638,000. Marshall Wace LLP purchased a new stake in shares of Orange County Bancorp in the second quarter worth about $986,000. Finally, Bank of America Corp DE boosted its position in shares of Orange County Bancorp by 181.0% in the second quarter. Bank of America Corp DE now owns 52,872 shares of the company’s stock valued at $1,366,000 after acquiring an additional 34,059 shares during the period. Hedge funds and other institutional investors own 42.55% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Orange County Bancorp Company 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.