Michael J. Coulter, Executive Vice President and Chief Lending Officer of Orange County Bancorp (NASDAQ:ICBK), Inc. (NASDAQ:OBT), recently sold 426 shares of the company's common stock. The transaction, which took place on November 4, 2024, was executed at a price of $52.83 per share, amounting to a total sale value of $22,505.
After the sale, Coulter retains direct ownership of 4,535 shares. Additionally, he holds 16 shares indirectly through a 401(k) plan. The shares owned directly include restricted stock units that vest at a rate of one-third per year, commencing on various dates in 2023, 2024, and 2025.
In other recent news, Orange County Bancorp reported third-quarter earnings per share (EPS) of $0.57 for 2024. When adjusted for a Bank-Owned Life Insurance (NS:LIFI) death benefit, the core EPS was $0.52. The financials were impacted by a significant loan loss provision taken against a large office loan participation. Piper Sandler, following these results, adjusted its outlook on Orange County Bancorp, reducing the price target from $69.00 to $66.00, while retaining an Overweight rating.
In addition, Orange County Bancorp welcomed Jonathan Schiller to its Board of Directors. Schiller, founder and CEO of Hospicom Inc., brings a unique blend of scientific and business acumen to the company. In more recent developments, Orange County Bancorp announced a cash dividend of $0.23 per share, payable to shareholders of record as of September 4, 2024.
Furthermore, the company has made significant changes to its director stock ownership rules, 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 previous requirements and aligns with the interests of its shareholders. These latest developments reflect Orange County Bancorp's commitment to its investors and strategic growth.
InvestingPro Insights
As Michael J. Coulter reduces his stake in Orange County Bancorp, Inc. (NASDAQ:OBT), investors might find additional context in the company's financial metrics and market performance. According to InvestingPro data, OBT has a market capitalization of $343 million and trades at a P/E ratio of 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 is further supported by the current dividend yield of 1.66%, with the most recent ex-dividend date on September 4, 2024.
Despite the recent insider sale, OBT has shown strong performance over the past year, with a 1-year price total return of 30.48%. This outperformance is complemented by another InvestingPro Tip indicating that the company has been profitable over the last twelve months, with a basic EPS (Continuing Operations) of $5.11.
For investors seeking a deeper understanding of OBT's potential, InvestingPro offers 6 additional tips that could provide valuable insights into the company's financial health and growth prospects.
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