StockNews.com Initiates Coverage on Old Point Financial (NASDAQ:OPOF)

StockNews.com began coverage on shares of Old Point Financial (NASDAQ:OPOF) in a research note released on Monday. The brokerage issued a hold rating on the bank’s stock.

Old Point Financial Stock Performance

Shares of OPOF opened at $17.05 on Monday. The company has a market capitalization of $86.61 million, a price-to-earnings ratio of 13.53 and a beta of 0.28. Old Point Financial has a 52-week low of $13.49 and a 52-week high of $22.33. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.65. The stock has a 50 day moving average price of $15.11 and a 200 day moving average price of $15.94.

Old Point Financial (NASDAQ:OPOF) last issued its earnings results on Tuesday, April 30th. The bank reported $0.34 earnings per share (EPS) for the quarter. Old Point Financial had a net margin of 7.71% and a return on equity of 6.11%. The business had revenue of $14.76 million during the quarter.

Old Point Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Wednesday, June 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.28%. The ex-dividend date was Wednesday, June 5th. Old Point Financial’s payout ratio is currently 44.44%.

Insider Buying and Selling

In other news, major shareholder Pl Capital Advisors, Llc acquired 83,169 shares of Old Point Financial stock in a transaction on Thursday, June 13th. The stock was bought at an average price of $14.80 per share, for a total transaction of $1,230,901.20. Following the completion of the purchase, the insider now owns 720,861 shares in the company, valued at $10,668,742.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 111,555 shares of company stock worth $1,642,355 in the last quarter. 21.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Old Point Financial stock. Empowered Funds LLC increased its stake in shares of Old Point Financial Co. (NASDAQ:OPOF) by 8.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,244 shares of the bank’s stock after buying an additional 1,225 shares during the quarter. Empowered Funds LLC owned about 0.32% of Old Point Financial worth $277,000 at the end of the most recent quarter. 33.43% of the stock is owned by institutional investors.

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.