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

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

Old Point Financial Price Performance

OPOF opened at $24.65 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.35. Old Point Financial has a 1 year low of $13.49 and a 1 year high of $25.50. The stock has a fifty day moving average price of $21.51 and a 200 day moving average price of $18.74. The stock has a market cap of $125.17 million, a price-to-earnings ratio of 15.41 and a beta of 0.29.

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

Old Point Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Wednesday, December 4th will be paid a dividend of $0.14 per share. The ex-dividend date is Wednesday, December 4th. This represents a $0.56 annualized dividend and a dividend yield of 2.27%. Old Point Financial’s dividend payout ratio (DPR) is 35.00%.

Institutional Investors Weigh In On Old Point Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its position in 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 buying an additional 693 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Old Point Financial by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 18,442 shares of the bank’s stock worth $356,000 after acquiring an additional 938 shares in the last quarter. Eastern Bank acquired a new position in shares of Old Point Financial during the 3rd quarter valued at about $57,000. Finally, Fourthstone LLC raised its stake in shares of Old Point Financial by 44.9% in the 3rd 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 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.