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

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

Old Point Financial Stock Down 2.0 %

Shares of NASDAQ:OPOF traded down $0.37 on Wednesday, reaching $18.24. The company had a trading volume of 2,396 shares, compared to its average volume of 5,396. The stock has a market capitalization of $92.56 million, a P/E ratio of 14.47 and a beta of 0.28. The stock has a 50-day moving average price of $15.92 and a 200 day moving average price of $15.97. Old Point Financial has a twelve month low of $13.49 and a twelve month high of $20.26. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.65.

Old Point Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Wednesday, June 5th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.56 annualized dividend and a yield of 3.07%. Old Point Financial’s dividend payout ratio (DPR) is presently 44.44%.

Insider Transactions at Old Point Financial

In other news, major shareholder Pl Capital Advisors, Llc bought 1,799 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $14.92 per share, for a total transaction of $26,841.08. Following the purchase, the insider now owns 627,020 shares of the company’s stock, valued at approximately $9,355,138.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders bought 112,845 shares of company stock worth $1,667,043. 21.11% of the stock is owned by insiders.

Institutional Trading of Old Point Financial

A hedge fund recently raised its stake in Old Point Financial stock. PL Capital Advisors LLC grew its holdings in Old Point Financial Co. (NASDAQ:OPOF) by 19.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 720,861 shares of the bank’s stock after acquiring an additional 116,015 shares during the quarter. Old Point Financial accounts for 4.4% of PL Capital Advisors LLC’s portfolio, 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. Institutional investors 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.