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

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

Orange County Bancorp Price Performance

NASDAQ OBT traded up $0.59 on Friday, hitting $59.64. The company had a trading volume of 15,817 shares, compared to its average volume of 11,520. The company has a market capitalization of $338.16 million, a PE ratio of 11.65 and a beta of 0.36. The company’s fifty day moving average price is $57.63 and its 200-day moving average price is $54.43. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89. Orange County Bancorp has a 12-month low of $41.00 and a 12-month high of $66.11.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.86). The company had revenue of $35.61 million during the quarter, compared to analysts’ expectations of $26.60 million. Orange County Bancorp had a return on equity of 16.37% and a net margin of 20.31%. As a group, analysts predict that Orange County Bancorp will post 5.43 earnings per share for the current year.

Orange County Bancorp Increases Dividend

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

Insider Buying and Selling at Orange County Bancorp

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

Institutional Investors Weigh In On Orange County Bancorp

A number of large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its holdings in shares of Orange County Bancorp by 9.8% during the second 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. Bank of New York Mellon Corp grew its holdings in shares of Orange County Bancorp by 6.4% during the second quarter. Bank of New York Mellon Corp now owns 22,730 shares of the company’s stock worth $1,202,000 after buying an additional 1,376 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Orange County Bancorp by 1.5% during the third quarter. Geode Capital Management LLC now owns 111,414 shares of the company’s stock worth $6,722,000 after buying an additional 1,649 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Orange County Bancorp during the third quarter worth $110,000. Finally, Vanguard Group Inc. grew its holdings in shares of Orange County Bancorp by 1.3% during the first quarter. Vanguard Group Inc. now owns 201,453 shares of the company’s stock worth $9,267,000 after buying an additional 2,492 shares in the last quarter. Hedge funds and other institutional investors own 42.55% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.