Michael Listner, Senior Vice President and Chief Risk Officer at Orange County Bancorp (NASDAQ:), Inc. (NASDAQ:OBT), recently sold shares of the company’s common stock. According to a Form 4 filing, Listner sold a total of 589 shares on November 6, 2024, with the transactions occurring at prices ranging from $59.00 to $60.10 per share. The total value of these sales amounted to $34,986. Following these transactions, Listner holds 3,072 shares, which include restricted stock units that vest over the next few years.
In other recent news, Orange County Bancorp reported a third-quarter earnings per share (EPS) of $0.57 in 2024, with a core EPS of $0.52 after excluding a Bank-Owned Life Insurance (NS:) death benefit. However, Piper Sandler reduced the price target for the company from $69.00 to $66.00, maintaining an Overweight rating, following a significant loan loss provision that affected the EPS. In more recent developments, the company announced the appointment of Jonathan Schiller to its board of directors.
Additionally, Orange County Bancorp declared a cash dividend of $0.23 per share, payable to shareholders of record as of September 4, 2024. This dividend payment is indicative of the company’s financial health and commitment to its investors. Furthermore, the company made significant changes to its director stock ownership rules, now requiring directors to hold shares of the company’s capital stock with a minimum fair market value of $1,000.
These developments reflect Orange County Bancorp’s ongoing commitment to aligning the interests of its directors with those of its shareholders and maintaining good governance practices. The revised bylaws have been filed with the SEC and are now part of the company’s Form 8-K exhibits.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Orange County Bancorp, Inc. (NASDAQ:OBT) and its current market position. The company’s stock has shown remarkable strength recently, with a significant 15.84% return over the last week and an impressive 19.62% return over the past three months. This upward trend aligns with the insider selling activity reported in the article, potentially indicating that executives may be capitalizing on the stock’s strong performance.
Despite the recent share sale by the Chief Risk Officer, OBT’s financial metrics remain solid. The company boasts a P/E ratio of 11.65, suggesting it may be undervalued compared to industry peers. Additionally, OBT has maintained dividend payments for 17 consecutive years, as highlighted by an InvestingPro Tip, demonstrating a commitment to shareholder returns that may appeal to income-focused investors.
Another InvestingPro Tip notes that analysts predict the company will be profitable this year, which is supported by the reported operating income margin of 38.96% for the last twelve months as of Q3 2024. This profitability outlook could provide context for why insiders might choose to realize gains while maintaining substantial holdings.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for OBT, providing a deeper understanding of the company’s financial health and market position.
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