Old Point Financial (NASDAQ:OPOF) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Old Point Financial (NASDAQ:OPOF) in a report published on Wednesday. The firm issued a hold rating on the bank’s stock.

Old Point Financial Stock Up 1.4 %

OPOF opened at $22.52 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.92 and a quick ratio of 0.92. Old Point Financial has a 12 month low of $13.49 and a 12 month high of $22.85. The stock’s 50 day moving average price is $19.89 and its 200 day moving average price is $17.68. The stock has a market cap of $114.36 million, a P/E ratio of 14.08 and a beta of 0.29.

Old Point Financial (NASDAQ:OPOF) last released its quarterly earnings results on Thursday, October 24th. The bank reported $0.47 EPS for the quarter. The company had revenue of $15.78 million for the quarter. Old Point Financial had a net margin of 9.47% and a return on equity of 7.38%.

Old Point Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Wednesday, December 4th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.49%. The ex-dividend date is Wednesday, December 4th. Old Point Financial’s dividend payout ratio (DPR) is presently 35.00%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its position in shares of Old Point Financial by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 45,205 shares of the bank’s stock valued at $874,000 after purchasing an additional 693 shares during the period. Empowered Funds LLC lifted its position in Old Point Financial by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 18,442 shares of the bank’s stock worth $356,000 after buying an additional 938 shares in the last quarter. Eastern Bank purchased a new position in shares of Old Point Financial during the 3rd quarter valued at $57,000. Fourthstone LLC increased its position in Old Point Financial by 44.9% in the 3rd quarter. Fourthstone LLC now owns 81,594 shares of the bank’s stock worth $1,576,000 after purchasing an additional 25,273 shares during the last quarter. Finally, PL Capital Advisors LLC raised its stake in shares of Old Point Financial by 19.2% during the 2nd quarter. PL Capital Advisors LLC now owns 720,861 shares of the bank’s stock worth $10,575,000 after purchasing an additional 116,015 shares in the last quarter. Institutional investors and hedge funds own 33.43% of the company’s stock.

About Old Point Financial

Old Point Financial Corporation operates as the bank holding company for The Old Point National Bank of Phoebus that provides consumer, mortgage, and business banking services for individual and commercial customers in Virginia. It offers deposit products, including interest-bearing transaction accounts, money market deposit accounts, savings accounts, time deposits, and demand deposits.