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 Sunday. The firm issued a hold rating on the bank’s stock.

Old Point Financial Trading Up 1.5 %

Shares of Old Point Financial stock opened at $16.60 on Friday. Old Point Financial has a twelve month low of $13.49 and a twelve month 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 business has a 50-day moving average price of $14.79 and a 200-day moving average price of $15.98. The firm has a market cap of $84.33 million, a price-to-earnings ratio of 13.17 and a beta of 0.28.

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

Old Point Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Wednesday, June 5th were given a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 annualized dividend and a yield of 3.37%. Old Point Financial’s dividend payout ratio (DPR) is currently 44.44%.

Insider Transactions at Old Point Financial

In related news, major shareholder Pl Capital Advisors, Llc acquired 83,169 shares of Old Point Financial stock in a transaction on Thursday, June 13th. The shares were bought at an average cost of $14.80 per share, with a total value of $1,230,901.20. Following the completion of the purchase, the insider now directly owns 720,861 shares of the company’s stock, valued at approximately $10,668,742.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired a total of 111,555 shares of company stock worth $1,642,355 in the last three months. Insiders own 21.11% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Old Point Financial stock. PL Capital Advisors LLC grew its holdings in Old Point Financial Co. (NASDAQ:OPOF) by 19.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 720,861 shares of the bank’s stock after purchasing an additional 116,015 shares during the period. Old Point Financial comprises approximately 4.4% of PL Capital Advisors LLC’s holdings, making the stock its 7th largest holding. PL Capital Advisors LLC owned approximately 14.19% of Old Point Financial worth $10,575,000 as of its most recent SEC filing. 33.43% of the stock is owned by hedge funds and other 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.