Old Point Financial (NASDAQ:OPOF) Announces Quarterly Earnings Results

Key Points

• Old Point Financial reported earnings of $0.43 per share for the quarter, with a net margin of 11.52% and a return on equity of 8.58%.
• The bank declared a quarterly dividend of $0.14, which gives an annualized dividend of $0.56 and a yield of 1.39%.
• Institutional investors own 33.43% of Old Point Financial, with recent increases from firms such as Empowered Funds LLC and Goldman Sachs Group Inc.

Old Point Financial (NASDAQ:OPOF - Get Free Report) posted its quarterly earnings results on Wednesday. The bank reported $0.43 earnings per share for the quarter, Zacks reports. Old Point Financial had a return on equity of 8.20% and a net margin of 10.12%. The business had revenue of $15.43 million during the quarter.

Old Point Financial Stock Down 0.7%

OPOF stock traded down $0.28 on Friday, hitting $39.87. 13,044 shares of the company's stock were exchanged, compared to its average volume of 13,130. The firm has a 50 day moving average price of $40.10 and a two-hundred day moving average price of $35.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.90 and a current ratio of 0.90. Old Point Financial has a 12-month low of $17.02 and a 12-month high of $41.61. The stock has a market cap of $203.74 million, a P/E ratio of 23.45 and a beta of -0.32.

Old Point Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, June 9th. Old Point Financial's dividend payout ratio is currently 28.57%.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Old Point Financial from a "hold" rating to a "sell" rating in a research report on Saturday.

Institutional Investors Weigh In On Old Point Financial

Large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. purchased a new position in Old Point Financial during the first quarter valued at $339,000. Jane Street Group LLC purchased a new stake in shares of Old Point Financial during the first quarter worth about $392,000. Finally, Empowered Funds LLC increased its stake in shares of Old Point Financial by 3.5% during the first quarter. Empowered Funds LLC now owns 19,459 shares of the bank's stock worth $583,000 after purchasing an additional 667 shares in the last quarter. 33.43% of the stock is owned by hedge funds and other institutional investors.

Old Point Financial Company Profile

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.