In a recent move, Michael J. Coulter, Executive Vice President and Chief Lending Officer of Orange County Bancorp (NASDAQ:ICBK), Inc. /DE/ (NASDAQ:OBT), sold 1,000 shares of the company's common stock. The transaction, dated May 6, 2024, was executed at a price of $51.84 per share, totaling over $51,840.
Coulter's sale has adjusted his direct holdings in the company, now amounting to 5,201 shares of common stock. This figure includes various forms of restricted stock, which vest over time according to different schedules starting from February 2022 through March 2025. Additionally, Coulter holds an indirect ownership of 15 shares through a 401(k) plan, although these transactions are not mandated to be reported under Section 16 of the Securities Exchange Act of 1934.
The details of the transaction were disclosed in a Form 4 filing with the Securities and Exchange Commission, which provides investors with insights into the trading activities of a company's insiders. The sale by Coulter is a notable event, as transactions by high-ranking executives often draw the attention of the investment community.
Orange County Bancorp, Inc., headquartered in Middletown, NY, operates as a state commercial bank and is incorporated in Delaware. The company's stock is traded on the NASDAQ under the trading symbol OBT.
InvestingPro Insights
Amidst the news of Michael J. Coulter's stock sale, Orange County Bancorp, Inc. (NASDAQ:OBT) presents an intriguing profile for investors, as reflected by key metrics and InvestingPro Tips. With a market capitalization of $272.97 million and an attractive P/E ratio sitting at 7.8, the company appears to be trading at a low price relative to its near-term earnings growth. This valuation is further substantiated by an adjusted P/E ratio for the last twelve months as of Q1 2024, which is 7.68, suggesting a consistent valuation period over period.
Investors may also be interested in the company's significant price movement, with a notable 20.92% return over the last week. This performance is in line with the strong returns observed over longer periods, including a 21.33% return over the last three months and an impressive 65.85% return over the last year, indicating robust growth for shareholders.
Moreover, Orange County Bancorp, Inc. has demonstrated a commitment to shareholder returns, maintaining dividend payments for 17 consecutive years, with the most recent dividend yield reported at 1.76%. The financial stability implied by this long-standing dividend history can be a reassuring factor for investors looking for consistent income streams.
For those interested in exploring more about Orange County Bancorp, Inc., there are additional InvestingPro Tips available, which could further inform investment decisions. Access to these tips can be found at https://www.investing.com/pro/OBT, and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.