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

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

Separately, TheStreet downgraded Old Point Financial from a b- rating to a c+ rating in a report on Thursday, June 8th.

Old Point Financial Trading Down 0.5 %

Shares of OPOF stock opened at $17.41 on Wednesday. The stock has a market cap of $87.75 million, a price-to-earnings ratio of 8.62 and a beta of 0.31. The stock has a 50-day moving average of $18.64 and a 200-day moving average of $19.99. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.68. Old Point Financial has a 1-year low of $15.00 and a 1-year high of $29.06.

Old Point Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Wednesday, September 6th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 3.22%. Old Point Financial’s payout ratio is currently 27.72%.

Institutional Investors Weigh In On Old Point Financial

A number of hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley increased its holdings in Old Point Financial by 6.3% in the fourth quarter. Morgan Stanley now owns 8,731 shares of the bank’s stock worth $236,000 after purchasing an additional 514 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Old Point Financial by 5.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,868 shares of the bank’s stock valued at $521,000 after acquiring an additional 1,215 shares during the period. State Street Corp grew its stake in Old Point Financial by 10.6% in the second quarter. State Street Corp now owns 22,076 shares of the bank’s stock valued at $558,000 after acquiring an additional 2,122 shares during the period. Renaissance Technologies LLC grew its stake in Old Point Financial by 18.8% in the second quarter. Renaissance Technologies LLC now owns 27,135 shares of the bank’s stock valued at $471,000 after acquiring an additional 4,300 shares during the period. Finally, Geode Capital Management LLC grew its stake in Old Point Financial by 16.5% in the second quarter. Geode Capital Management LLC now owns 36,564 shares of the bank’s stock valued at $634,000 after acquiring an additional 5,184 shares during the period. 39.51% of the stock is currently owned by institutional investors.

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. The company offers deposit products, including interest-bearing transaction accounts, money market deposit accounts, savings accounts, time deposits, and demand deposits.