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

Posted by ABMN Staff on Nov 5th, 2024

Analysts at StockNews.com assumed coverage on shares of Old Point Financial (NASDAQ:OPOF – Get Free Report) in a research report issued to clients and investors on Sunday. The firm set a “hold” rating on the bank’s stock.

Old Point Financial Price Performance

Shares of OPOF opened at $19.91 on Friday. The firm has a market capitalization of $101.14 million, a PE ratio of 12.90 and a beta of 0.29. The company’s 50-day moving average is $18.81 and its 200-day moving average is $16.80. Old Point Financial has a fifty-two week low of $13.49 and a fifty-two week high of $21.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.91 and a quick ratio of 0.91.

Old Point Financial (NASDAQ:OPOF – Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $0.47 earnings per share for the quarter. The company had revenue of $15.78 million for the quarter. Old Point Financial had a net margin of 9.47% and a return on equity of 7.50%.

Hedge Funds Weigh In On Old Point Financial

Hedge funds have recently bought and sold shares of the business. PL Capital Advisors LLC increased its holdings in Old Point Financial by 19.2% in the 2nd quarter. PL Capital Advisors LLC now owns 720,861 shares of the bank’s stock valued at $10,575,000 after buying an additional 116,015 shares during the period. Empowered Funds LLC raised its position in shares of Old Point Financial by 8.2% in the 1st quarter. Empowered Funds LLC now owns 16,244 shares of the bank’s stock valued at $277,000 after buying an additional 1,225 shares in the last quarter. Finally, Eastern Bank acquired a new position in shares of Old Point Financial in the 3rd quarter valued at approximately $57,000. 33.43% of the stock is owned by institutional investors.

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.