The Manufacturers Life Insurance Company Cuts Stock Position in Orange County Bancorp, Inc. (NASDAQ:OBT)

The Manufacturers Life Insurance Company reduced its position in Orange County Bancorp, Inc. (NASDAQ:OBT) by 0.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 126,469 shares of the company’s stock after selling 716 shares during the period. The Manufacturers Life Insurance Company owned 2.24% of Orange County Bancorp worth $6,688,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of OBT. Dimensional Fund Advisors LP increased its position in Orange County Bancorp by 9.8% during the 2nd 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. Bank of New York Mellon Corp raised its holdings 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 during the period. Hennessy Advisors Inc. raised its holdings in Orange County Bancorp by 28.9% in the 2nd quarter. Hennessy Advisors Inc. now owns 34,809 shares of the company’s stock worth $1,841,000 after purchasing an additional 7,809 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Orange County Bancorp by 1.3% in the first quarter. Vanguard Group Inc. now owns 201,453 shares of the company’s stock valued at $9,267,000 after purchasing an additional 2,492 shares during the period. Institutional investors own 42.55% of the company’s stock.

Orange County Bancorp Stock Up 3.3 %

Shares of NASDAQ OBT opened at $54.64 on Friday. The firm has a market cap of $309.10 million, a price-to-earnings ratio of 8.66 and a beta of 0.33. The company’s 50-day simple moving average is $56.73 and its 200-day simple moving average is $51.31. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45. Orange County Bancorp, Inc. has a 52-week low of $39.71 and a 52-week high of $64.01.

Orange County Bancorp (NASDAQ:OBT) last posted its earnings results on Wednesday, July 31st. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.16. The company had revenue of $36.32 million for the quarter, compared to analyst estimates of $25.34 million. Orange County Bancorp had a net margin of 24.81% and a return on equity of 21.15%. Equities analysts predict that Orange County Bancorp, Inc. will post 5.91 EPS for the current fiscal year.

Orange County Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, September 4th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Wednesday, September 4th. Orange County Bancorp’s payout ratio is 14.58%.

Wall Street Analyst Weigh In

Separately, Piper Sandler upped their target price on Orange County Bancorp from $53.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st.

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.