Orange County Bancorp, Inc. (NASDAQ:OBT) Short Interest Down 18.8% in November

Orange County Bancorp, Inc. (NASDAQ:OBT) was the target of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 31,000 shares, a decrease of 18.8% from the October 31st total of 38,200 shares. Currently, 0.7% of the shares of the stock are short sold. Based on an average daily volume of 15,700 shares, the days-to-cover ratio is currently 2.0 days.

Insiders Place Their Bets

In other news, SVP Michael Listner sold 589 shares of the business’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 transaction, the senior vice president now owns 3,072 shares of the company’s stock, valued at approximately $182,476.80. The trade was a 16.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph A. Ruhl sold 910 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $57.75, for a total transaction of $52,552.50. Following the completion of the transaction, the insider now directly owns 14,464 shares in the company, valued at $835,296. This trade represents a 5.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,925 shares of company stock worth $110,969 over the last three months. 10.50% of the stock is currently owned by company insiders.

Institutional Trading of Orange County Bancorp

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Orange County Bancorp in the 3rd quarter worth approximately $110,000. Quadrature Capital Ltd acquired a new stake in Orange County Bancorp in the 3rd quarter worth approximately $379,000. Dimensional Fund Advisors LP boosted its stake in 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 purchasing an additional 674 shares in the last quarter. Barclays PLC boosted 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 worth $478,000 after purchasing an additional 5,132 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Orange County Bancorp by 6.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 22,730 shares of the company’s stock worth $1,202,000 after purchasing an additional 1,376 shares in the last quarter. 42.55% of the stock is owned by hedge funds and other institutional investors.

Orange County Bancorp Stock Up 1.0 %

Orange County Bancorp stock traded up $0.59 during midday trading on Friday, hitting $59.64. 15,817 shares of the company’s stock were exchanged, compared to its average volume of 11,520. 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 has a 12 month low of $41.00 and a 12 month high of $66.11. The firm has a 50-day moving average of $57.63 and a two-hundred day moving average of $54.43. The company has a market cap of $338.16 million, a PE ratio of 11.65 and a beta of 0.36.

Orange County Bancorp (NASDAQ:OBT) last issued its earnings results on Wednesday, October 30th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $26.60 million. As a group, analysts expect that Orange County Bancorp will post 5.43 earnings per share for the current fiscal year.

Orange County Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.68%. This is a positive change from Orange County Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Wednesday, December 4th. Orange County Bancorp’s dividend payout ratio is presently 17.97%.

Wall Street Analyst Weigh In

Separately, Piper Sandler cut their price objective on shares of Orange County Bancorp from $69.00 to $66.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st.

About Orange County Bancorp

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.