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

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

Old Point Financial Stock Up 1.4 %

Shares of NASDAQ OPOF opened at $22.52 on Wednesday. The stock has a market cap of $114.36 million, a PE ratio of 14.08 and a beta of 0.29. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.92 and a current ratio of 0.92. The business has a fifty day moving average of $19.89 and a two-hundred day moving average of $17.68. Old Point Financial has a 52-week low of $13.49 and a 52-week high of $22.85.

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

Old Point Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, December 4th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.49%. Old Point Financial’s payout ratio is 35.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. PL Capital Advisors LLC raised its holdings in 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 during the last quarter. Fourthstone LLC boosted its stake in Old Point Financial by 44.9% in the third quarter. Fourthstone LLC now owns 81,594 shares of the bank’s stock valued at $1,576,000 after acquiring an additional 25,273 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Old Point Financial by 1.6% during the third quarter. Geode Capital Management LLC now owns 45,205 shares of the bank’s stock worth $874,000 after purchasing an additional 693 shares during the period. Empowered Funds LLC increased its holdings in Old Point Financial by 5.4% in the third quarter. Empowered Funds LLC now owns 18,442 shares of the bank’s stock valued at $356,000 after purchasing an additional 938 shares during the last quarter. Finally, Eastern Bank acquired a new position in Old Point Financial in the third quarter valued at about $57,000. 33.43% of the stock is currently owned by institutional investors.

Old Point Financial Company Profile

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.