Banc Funds Co. LLC Sells 23,718 Shares of Orange County Bancorp, Inc. (NASDAQ:OBT)

Banc Funds Co. LLC reduced its stake in shares of Orange County Bancorp, Inc. (NASDAQ:OBT) by 7.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 287,872 shares of the company’s stock after selling 23,718 shares during the period. Orange County Bancorp makes up 1.9% of Banc Funds Co. LLC’s investment portfolio, making the stock its 14th biggest position. Banc Funds Co. LLC owned approximately 0.05% of Orange County Bancorp worth $17,364,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Orange County Bancorp by 1.3% during 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 in the last quarter. Hennessy Advisors Inc. increased its stake in shares of Orange County Bancorp by 28.9% in the 2nd quarter. Hennessy Advisors Inc. now owns 34,809 shares of the company’s stock valued at $1,841,000 after purchasing an additional 7,809 shares during the last quarter. Bank of New York Mellon Corp raised its holdings 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 buying an additional 1,376 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Orange County Bancorp by 9.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,564 shares of the company’s stock worth $399,000 after buying an additional 674 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Orange County Bancorp in the third quarter valued at about $110,000. Institutional investors own 42.55% of the company’s stock.

Insider Activity

In other Orange County Bancorp news, SVP Michael Listner sold 589 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 3,072 shares in the company, valued at approximately $182,476.80. This represents a 16.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Joseph A. Ruhl sold 910 shares of the firm’s stock in a transaction 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 $835,296. The trade was a 5.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,925 shares of company stock valued at $110,969 over the last quarter. 10.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Orange County Bancorp Price Performance

Shares of NASDAQ:OBT opened at $59.64 on Monday. The firm has a 50 day simple moving average of $57.63 and a 200 day simple moving average of $54.51. The company has a market cap of $338.16 million, a price-to-earnings ratio of 11.65 and a beta of 0.36. Orange County Bancorp, Inc. has a one year low of $41.00 and a one year high of $66.11. 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 (NASDAQ:OBT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.86). The firm had revenue of $35.61 million during the quarter, compared to the consensus estimate of $26.60 million. Orange County Bancorp had a net margin of 20.31% and a return on equity of 16.37%. Research analysts predict that Orange County Bancorp, Inc. 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. Stockholders of record on Wednesday, December 4th will be issued a dividend of $0.25 per share. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.23. This represents a $1.00 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Wednesday, December 4th. Orange County Bancorp’s payout ratio is 17.97%.

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.