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 note issued on Wednesday. The brokerage set a “hold” rating on the bank’s stock.

Old Point Financial Price Performance

NASDAQ OPOF opened at $22.20 on Wednesday. The firm’s fifty day simple moving average is $19.70 and its two-hundred day simple moving average is $17.60. 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 12-month low of $13.49 and a 12-month high of $22.52. The firm has a market capitalization of $112.78 million, a P/E ratio of 13.88 and a beta of 0.29.

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

Institutional Investors Weigh In On Old Point Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Eastern Bank purchased a new stake in Old Point Financial during the 3rd quarter valued at about $57,000. Empowered Funds LLC boosted its position 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 buying an additional 938 shares during the last quarter. Geode Capital Management LLC boosted its position in Old Point Financial by 1.6% in the third quarter. Geode Capital Management LLC now owns 45,205 shares of the bank’s stock valued at $874,000 after buying an additional 693 shares during the last quarter. Fourthstone LLC increased its holdings in Old Point Financial by 44.9% in the 3rd quarter. Fourthstone LLC now owns 81,594 shares of the bank’s stock worth $1,576,000 after buying an additional 25,273 shares during the period. Finally, PL Capital Advisors LLC raised its position 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 buying an additional 116,015 shares during the last quarter. 33.43% of the stock is currently owned by institutional investors and hedge funds.

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.