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

StockNews.com initiated coverage on shares of Old Point Financial (NASDAQ:OPOF) in a note issued to investors on Sunday. The brokerage set a “hold” rating on the bank’s stock.

Old Point Financial Price Performance

NASDAQ OPOF opened at $25.15 on Friday. The company has a 50-day moving average price of $21.98 and a two-hundred day moving average price of $18.97. The stock has a market cap of $127.71 million, a price-to-earnings ratio of 15.72 and a beta of 0.29. 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 52 week low of $13.49 and a 52 week high of $25.73.

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 Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Fourthstone LLC boosted its stake in Old Point Financial by 44.9% during the 3rd quarter. Fourthstone LLC now owns 81,594 shares of the bank’s stock valued at $1,576,000 after purchasing an additional 25,273 shares in the last quarter. Eastern Bank acquired a new stake in shares of Old Point Financial in the third quarter valued at $57,000. Empowered Funds LLC boosted its stake in Old Point Financial by 5.4% during 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 in the last quarter. Finally, Geode Capital Management LLC grew its holdings 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 acquiring an additional 693 shares during the period. 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.