MIDDLETOWN, NY—Michael J. Gilfeather, President and CEO of Orange County Bancorp (NASDAQ:ICBK), Inc. (NASDAQ:OBT), recently acquired additional shares of the company. According to a recent filing, Gilfeather purchased a total of 525 shares of common stock on November 1, 2024. The shares were bought at a price of $55.67 each, amounting to a total investment of $29,226.
The transaction increased Gilfeather's direct ownership to 43,295 shares, while his indirect holdings, through an IRA, now stand at 7,925 shares. This acquisition highlights Gilfeather's continued commitment to the company as both an executive and a shareholder.
Orange County Bancorp, headquartered in Middletown, New York, operates as a state commercial bank with a focus on providing financial services to its community.
In other recent news, Orange County Bancorp reported mixed third-quarter earnings per share (EPS) of $0.57, or $0.52 excluding a Bank-Owned Life Insurance benefit. This was impacted by a significant loan loss provision against a large office loan participation, reducing the EPS by approximately $0.79. Piper Sandler revised its outlook on the company, lowering the price target from $69.00 to $66.00, while maintaining an Overweight rating.
In addition, Orange County Bancorp announced the appointment of Jonathan Schiller to its board of directors. Schiller, founder and CEO of Hospicom Inc., is expected to contribute to the company's strategic direction with his combined scientific and business expertise.
The company also declared a cash dividend of $0.23 per share, payable to shareholders of record as of September 4, 2024, reflecting its financial health and commitment to investors. Furthermore, Orange County Bancorp revised 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, in an effort to align the interests of its directors with those of its shareholders.
These recent developments indicate continued strategic growth and financial commitment from Orange County Bancorp to its shareholders.
InvestingPro Insights
Michael J. Gilfeather's recent purchase of Orange County Bancorp (NASDAQ:OBT) shares aligns with several positive indicators highlighted by InvestingPro. The company has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns that complements Gilfeather's increased stake. This consistency in dividends is particularly noteworthy given the current dividend yield of 1.73%.
InvestingPro data reveals that OBT's P/E ratio stands at 10.18, suggesting the stock may be undervalued relative to its earnings. This could explain Gilfeather's decision to increase his holdings, potentially seeing an opportunity for future appreciation. Additionally, the company's revenue for the last twelve months as of Q3 2024 was $98.02 million, with a healthy operating income margin of 38.96%, indicating strong profitability.
An InvestingPro Tip notes that Orange County Bancorp has been profitable over the last twelve months, which is consistent with the company's solid financial performance. Another tip points to a strong return over the last five years, further supporting the CEO's confidence in the company's long-term prospects.
Investors interested in a deeper analysis can find 5 additional InvestingPro Tips for OBT, offering more comprehensive insights into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.