Joseph A. Ruhl, Regional President for Westchester County at Orange County Bancorp (NASDAQ:ICBK), Inc. (NASDAQ:OBT), recently sold 910 shares of the company's common stock. The shares were sold at a price of $57.75 each, amounting to a total transaction value of $52,552. Following this sale, Ruhl retains ownership of 14,464 shares. The remaining shares include restricted stock units set to vest over the next few years, with vesting dates commencing in 2023, 2024, and 2025.
In other recent news, Orange County Bancorp reported a third-quarter earnings per share (EPS) of $0.57 for 2024, with a core EPS of $0.52 after excluding a Bank-Owned Life Insurance (NS:LIFI) (BOLI) death benefit. However, a significant loan loss provision affected the EPS by approximately $0.79. Piper Sandler, following the financial performance, lowered the price target for Orange County Bancorp from $69.00 to $66.00, while maintaining an Overweight rating.
In addition, Orange County Bancorp recently welcomed Jonathan Schiller to its board of directors. Schiller, a seasoned entrepreneur, is expected to contribute significantly to the company's strategic direction and growth.
Recent developments also saw the company declaring a cash dividend of $0.23 per share, reflecting its financial health and commitment to its investors. Furthermore, the company made 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, a departure from the previous $125,000 requirement. These changes underscore Orange County Bancorp's commitment to aligning the interests of its directors with those of its shareholders.
InvestingPro Insights
While Joseph A. Ruhl's recent sale of Orange County Bancorp shares might raise eyebrows, a deeper look at the company's financials and market performance reveals a more nuanced picture. According to InvestingPro data, Orange County Bancorp boasts a market capitalization of $337.55 million and a P/E ratio of 11.63, suggesting the stock may be reasonably valued compared to its earnings.
The company's financial health appears robust, with a revenue of $98.02 million in the last twelve months and an impressive operating income margin of 38.96%. This strong profitability is reflected in an InvestingPro Tip, which notes that the company has been profitable over the last twelve months.
Another InvestingPro Tip highlights that Orange County Bancorp has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns. The current dividend yield stands at 1.56%, providing a steady income stream for investors.
Despite Ruhl's stock sale, the market seems optimistic about Orange County Bancorp's prospects. The stock's one-year price total return of 29.57% outpaces many competitors in the banking sector. Moreover, with the stock trading at 89.89% of its 52-week high, there may still be room for growth.
Investors seeking a more comprehensive analysis can access additional insights through InvestingPro, which offers 6 more tips for Orange County Bancorp, providing a deeper understanding of the company's financial position and market outlook.
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