Initiates Coverage on Old Point Financial (NASDAQ:OPOF)

Investment analysts at began coverage on shares of Old Point Financial (NASDAQ:OPOFGet Free Report) in a note issued to investors on Thursday. The firm set a “hold” rating on the bank’s stock.

Old Point Financial Price Performance

Shares of NASDAQ:OPOF opened at $14.53 on Thursday. 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 has a fifty-two week low of $13.49 and a fifty-two week high of $22.33. The firm has a 50-day simple moving average of $14.57 and a 200 day simple moving average of $16.27. The company has a market cap of $73.81 million, a PE ratio of 11.53 and a beta of 0.29.

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

Insiders Place Their Bets

In other news, major shareholder Pl Capital Advisors, Llc bought 3,100 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was purchased at an average price of $15.00 per share, for a total transaction of $46,500.00. Following the transaction, the insider now owns 630,120 shares in the company, valued at $9,451,800. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders bought 111,555 shares of company stock worth $1,642,355. Insiders own 21.11% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Old Point Financial stock. Empowered Funds LLC increased its stake in Old Point Financial Co. (NASDAQ:OPOFFree Report) by 8.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,244 shares of the bank’s stock after acquiring an additional 1,225 shares during the period. Empowered Funds LLC owned approximately 0.32% of Old Point Financial worth $277,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 33.43% of the company’s stock.

About Old Point Financial

(Get Free Report)

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.

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