Orange County Bancorp (OBT) Declares $0.23 Dividend
Orange County Bancorp said on May 18, 2023 that its board of directors declared a regular quarterly dividend of $0.23 per share ($0.92 annualized). Previously, the company paid $0.23 per share.
Shares must be purchased before the ex-div date of June 1, 2023 to qualify for the dividend. Shareholders of record as of June 2, 2023 will receive the payment on June 14, 2023.
At the current share price of $30.90 / share, the stock's dividend yield is 2.98%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.10%, the lowest has been 1.70%, and the highest has been 2.82%. The standard deviation of yields is 0.23 (n=75).
The current dividend yield is 3.78 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.23. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.15%, demonstrating that it has increased its dividend over time.
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What is the Fund Sentiment?
There are 55 funds or institutions reporting positions in Orange County Bancorp. This is an increase of 10 owner(s) or 22.22% in the last quarter. Average portfolio weight of all funds dedicated to OBT is 0.16%, a decrease of 6.73%. Total shares owned by institutions increased in the last three months by 0.35% to 2,471K shares.
Analyst Price Forecast Suggests 45.24% Upside
As of May 11, 2023, the average one-year price target for Orange County Bancorp is 44.88. The forecasts range from a low of 43.43 to a high of $47.25. The average price target represents an increase of 45.24% from its latest reported closing price of 30.90.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Orange County Bancorp is 98MM, an increase of 22.31%. The projected annual non-GAAP EPS is 5.52.
What are Other Shareholders Doing?
Hudson Valley Investment Advisors holds 615K shares representing 10.89% ownership of the company. In it's prior filing, the firm reported owning 611K shares, representing an increase of 0.61%. The firm decreased its portfolio allocation in OBT by 14.39% over the last quarter.
Banc Funds Co holds 479K shares representing 8.49% ownership of the company. In it's prior filing, the firm reported owning 488K shares, representing a decrease of 1.83%. The firm increased its portfolio allocation in OBT by 112,139.88% over the last quarter.
Wellington Management Group Llp holds 361K shares representing 6.39% ownership of the company. In it's prior filing, the firm reported owning 361K shares, representing a decrease of 0.12%. The firm decreased its portfolio allocation in OBT by 86.84% over the last quarter.
Alliancebernstein holds 231K shares representing 4.09% ownership of the company. In it's prior filing, the firm reported owning 244K shares, representing a decrease of 5.85%. The firm decreased its portfolio allocation in OBT by 28.09% over the last quarter.
Manufacturers Life Insurance Company, The holds 123K shares representing 2.17% ownership of the company. In it's prior filing, the firm reported owning 131K shares, representing a decrease of 6.69%. The firm decreased its portfolio allocation in OBT by 20.69% over the last quarter.
Orange County Bancorp Background Information
(This description is provided by the company.)
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through ongoing innovation and an unwavering commitment to its community and business clientele to more than $2.0 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and was acquired by the Company in 2012.
Key filings for this company:
This story originally appeared on Fintel.