Geode Capital Management LLC Raises Holdings in Orange County Bancorp, Inc. (NASDAQ:OBT)

Geode Capital Management LLC grew its stake in Orange County Bancorp, Inc. (NASDAQ:OBT) by 1.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 111,414 shares of the company’s stock after buying an additional 1,649 shares during the quarter. Geode Capital Management LLC owned 1.97% of Orange County Bancorp worth $6,722,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in OBT. Bank of New York Mellon Corp lifted its position in shares of Orange County Bancorp by 6.4% during 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 during the last quarter. Dimensional Fund Advisors LP raised its stake in Orange County Bancorp by 9.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,564 shares of the company’s stock valued at $399,000 after buying an additional 674 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Orange County Bancorp during the 3rd quarter worth about $110,000. Hudson Valley Investment Advisors Inc. ADV lifted its holdings in Orange County Bancorp by 0.7% during the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 602,918 shares of the company’s stock worth $36,368,000 after buying an additional 4,408 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Orange County Bancorp during the 3rd quarter worth about $379,000. 42.55% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Orange County Bancorp Trading Up 0.4 %

Shares of Orange County Bancorp stock opened at $54.19 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The company has a fifty day simple moving average of $58.03 and a 200-day simple moving average of $56.13. The stock has a market cap of $307.47 million, a price-to-earnings ratio of 10.58 and a beta of 0.40. Orange County Bancorp, Inc. has a 12-month low of $41.00 and a 12-month high of $66.11.

Orange County Bancorp (NASDAQ:OBT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 20.31% and a return on equity of 16.37%. On average, equities analysts forecast that Orange County Bancorp, Inc. will post 4.93 EPS for the current fiscal year.

Orange County Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, December 4th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Wednesday, December 4th. This is an increase from Orange County Bancorp’s previous quarterly dividend of $0.23. Orange County Bancorp’s dividend payout ratio (DPR) is currently 19.53%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler boosted their target price on Orange County Bancorp from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th.

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.