Piper Sandler Issues Pessimistic Forecast for Orange County Bancorp (NASDAQ:OBT) Stock Price

Orange County Bancorp (NASDAQ:OBT) had its price objective dropped by investment analysts at Piper Sandler from $69.00 to $66.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 24.01% from the company’s current price.

Orange County Bancorp Stock Up 0.6 %

Shares of OBT stock opened at $53.22 on Thursday. Orange County Bancorp has a 52-week low of $41.00 and a 52-week high of $64.01. The stock has a market cap of $301.23 million, a price-to-earnings ratio of 10.39 and a beta of 0.33. The firm’s 50-day moving average is $56.93 and its 200-day moving average is $52.62. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.86 and a current ratio of 0.86.

Orange County Bancorp (NASDAQ:OBT) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.16. Orange County Bancorp had a return on equity of 16.91% and a net margin of 20.31%. The firm had revenue of $36.32 million for the quarter, compared to analyst estimates of $25.34 million. Sell-side analysts predict that Orange County Bancorp will post 5.91 EPS for the current year.

Hedge Funds Weigh In On Orange County Bancorp

Large investors have recently made changes to their positions in the company. Hudson Valley Investment Advisors Inc. ADV increased its position in Orange County Bancorp by 0.7% during the third quarter. Hudson Valley Investment Advisors Inc. ADV now owns 602,918 shares of the company’s stock worth $36,368,000 after acquiring an additional 4,408 shares during the period. SG Americas Securities LLC bought a new position in shares of Orange County Bancorp during the third quarter worth approximately $110,000. Dimensional Fund Advisors LP increased 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 purchasing an additional 674 shares during the period. Bank of New York Mellon Corp raised its position in shares of Orange County Bancorp by 6.4% in the second quarter. Bank of New York Mellon Corp now owns 22,730 shares of the company’s stock valued at $1,202,000 after buying an additional 1,376 shares in the last quarter. Finally, Hennessy Advisors Inc. boosted its stake in shares of 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 buying an additional 7,809 shares during the period. Institutional investors own 42.55% of the company’s stock.

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.