Gregory Sousa, the Executive Vice President and Deputy Chief Legal Officer at Orange County Bancorp (NASDAQ:ICBK), Inc. (NASDAQ:OBT), recently sold 426 shares of the company's common stock. The transaction, which occurred on November 5, was executed at a price of $55 per share, amounting to a total sale value of $23,430. Following this transaction, Sousa holds 4,252 shares directly, with additional shares held indirectly through a 401(k) plan.
The sale was reported in a Form 4 filing with the Securities and Exchange Commission, detailing Sousa's current holdings and the nature of the transactions. Additionally, Sousa maintains 1,184 shares of phantom stock, which are part of a performance-based supplemental executive retirement plan.
In other recent news, Orange County Bancorp reported a third-quarter earnings per share (EPS) of $0.57 for the year 2024. When excluding a Bank-Owned Life Insurance (NS:LIFI) (BOLI) death benefit, the core EPS was $0.52. This financial performance led Piper Sandler to adjust its outlook on the company, reducing the price target from $69.00 to $66.00, while retaining an Overweight rating on the stock.
In addition to the earnings report, Orange County Bancorp announced the appointment of Jonathan Schiller to its and the Bank's Boards of Directors, effective from October 1, 2024. Schiller brings with him a unique blend of scientific and business acumen, with a background in pharmacy and business.
In a recent development, the company declared a cash dividend of $0.23 per share, payable to shareholders of record as of September 4, 2024. This dividend payment reflects the company's financial health and commitment to its investors.
Orange County Bancorp has also amended 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. This is a change from the previous requirement that mandated directors to own $125,000 of the company's common stock. These changes underscore Orange County Bancorp's commitment to aligning the interests of its directors with those of its shareholders.
InvestingPro Insights
As Gregory Sousa reduces his stake in Orange County Bancorp, Inc. (NASDAQ:OBT), investors may find additional context in the company's financial metrics and market performance. According to InvestingPro data, OBT boasts a market capitalization of $343 million USD, positioning it as a small-cap stock in the banking sector. The company's P/E ratio stands at 11.75, suggesting a relatively modest valuation compared to industry peers.
One of the InvestingPro Tips highlights that OBT has maintained dividend payments for 17 consecutive years, a sign of financial stability that may appeal to income-focused investors. This consistency aligns with the company's current dividend yield of 1.66%, as reported in the InvestingPro Data.
Despite Sousa's recent stock sale, OBT has demonstrated strong performance over the past year, with a 1-year price total return of 30.48%. This impressive gain outpaces many competitors and could indicate positive investor sentiment towards the company's prospects.
It's worth noting that analysts predict the company will be profitable this year, according to another InvestingPro Tip. This forecast, combined with the company's profitability over the last twelve months, may provide some reassurance to shareholders concerned about the insider sale.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips on OBT, providing a deeper dive into the company's financial health and market position.
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