Orange County Bancorp (NASDAQ:ICBK), Inc. (NASDAQ:OBT) executive vice president and deputy chief lending officer, Gregory Sousa, sold a total of 639 shares of the company's common stock on May 15, 2024, for a total value exceeding $31,416. The transactions were executed within a price range of $49.00 to $49.50 per share.
The recent filings with the Securities and Exchange Commission revealed that Sousa completed two separate sales on the same day. In the first transaction, he sold 210 shares at a price of $49.50 each. The second sale involved 429 shares, which were sold at a slightly lower price of $49.00 per share. Following these sales, Sousa's direct holdings in Orange County Bancorp amounted to several thousand shares.
It's worth noting that the executive's remaining share ownership includes restricted stock units (RSUs) that vest over time, as indicated by multiple footnotes in the SEC filing. These RSUs are scheduled to vest in portions annually, starting from dates in 2022 and extending to 2025. Additionally, Sousa has indirect holdings through a 401(k) plan and phantom stock interests related to a performance-based SERP, which may be settled in company stock upon distribution, based on his prior election.
Investors often monitor insider transactions like these for insights into executive sentiment about the company's prospects. However, it's important to remember that insider selling can occur for various reasons and may not necessarily reflect a negative outlook.
Orange County Bancorp, based in Middletown, New York, operates as a state commercial bank and provides a range of financial services to its clients. The stock trades under the ticker symbol OBT on the NASDAQ exchange.
InvestingPro Insights
Orange County Bancorp, Inc. (NASDAQ:OBT), which has recently seen insider transactions, presents a mixed picture according to InvestingPro data and tips. The company currently trades at a low P/E ratio of 7.84, which may suggest an attractive valuation relative to near-term earnings growth. This is further substantiated by a PEG ratio of just 0.13 for the last twelve months as of Q1 2024, indicating potential for investors looking for growth at a reasonable price.
InvestingPro Tips highlight that Orange County Bancorp has a track record of maintaining dividend payments, with dividends issued consistently for 17 consecutive years. This could be a reassuring sign for income-focused investors, especially with a dividend yield of 1.85% as of the latest data. Additionally, the company has experienced a strong return over the last year, with a one-year price total return of 51.69%.
On the flip side, the company suffers from weak gross profit margins, which may raise concerns about its operational efficiency. Despite this, analysts predict the company will be profitable this year, and it has been profitable over the last twelve months, with an operating income margin of 45.3%.
For readers interested in a deeper dive, there are additional InvestingPro Tips available for Orange County Bancorp, which can be accessed through the platform. Subscribers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. As of now, InvestingPro offers a total of 7 tips for OBT, which could provide valuable insights for those considering an investment in the company.
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