Orange County Bancorp (NASDAQ:ICBK), Inc. (NYSE:OBT) executive vice president and deputy chief lending officer, Gregory Sousa, has sold a total of 233 shares of the company's common stock, according to a recent SEC filing. The transactions, which occurred on May 13 and 14, resulted in a total sale amount of $11,600.
The shares were sold at prices ranging from $49.50 to $50.49. The sale on May 13 included three separate transactions of 15, 100, and 106 shares, while on May 14, an additional 12 shares were sold, all at a price of $49.50 per share. Following these transactions, Sousa's direct holdings in the company decreased, but details on his remaining ownership were not immediately disclosed.
Investors often monitor insider sales as they can provide insights into an executive's perspective on the company's current valuation. However, it's important to note that insider transactions can be motivated by various factors and may not necessarily reflect a negative outlook.
Orange County Bancorp, based in Middletown, New York, operates as a state commercial bank. The company's stock is publicly traded and is known for providing a range of banking services to its customers.
This latest move by one of its top executives may be of interest to current and potential shareholders, as they assess the company's performance and insider confidence. The full details of the transactions can be found in the SEC Form 4 filing by the company.
InvestingPro Insights
As Orange County Bancorp, Inc. (NYSE:OBT) navigates the financial landscape, recent data from InvestingPro provides a comprehensive view of the company's valuation and performance metrics. With a market capitalization of $277.22 million, the company is trading at an attractive P/E ratio of 8.03, which adjusts down slightly to 7.8 when considering the last twelve months as of Q1 2024. This relatively low P/E ratio, when juxtaposed with the company's near-term earnings growth, suggests that the stock may be undervalued.
InvestingPro Tips highlight that Orange County Bancorp has maintained its dividend payments for an impressive 17 consecutive years, indicating a commitment to returning value to shareholders. Moreover, analysts predict that the company will be profitable this year, which is corroborated by its profitability over the last twelve months. These factors, combined with a high return over the last year of 56.84%, paint a picture of a financially robust institution.
On the operational side, the company's revenue growth is robust, with a 28.48% increase over the last twelve months as of Q1 2024 and an even more impressive quarterly revenue growth of 49.98% in Q1 2024. These figures suggest a strong upward trajectory in the company's financial performance.
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