Old Point Financial (NASDAQ:OPOF) Stock Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Old Point Financial's stock (NASDAQ:OPOF) surpassed its 200-day moving average of $37.05, peaking at $42.68 before settling at $41.84.
• Wall Street Zen downgraded Old Point Financial from a "hold" rating to a "sell" rating, indicating a shift in market sentiment.
• Institutional investors hold 33.43% of Old Point Financial's stock, with notable stake increases from firms like Renaissance Technologies and Northern Trust Corp.

Shares of Old Point Financial Corporation (NASDAQ:OPOF - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $37.05 and traded as high as $42.68. Old Point Financial shares last traded at $41.84, with a volume of 20,546 shares traded.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Old Point Financial from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd.

Old Point Financial Trading Up 1.9%

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.34. The stock's 50 day moving average price is $40.79 and its 200-day moving average price is $37.55. The stock has a market capitalization of $213.94 million, a P/E ratio of 24.68 and a beta of -0.31.

Old Point Financial (NASDAQ:OPOF - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The bank reported $0.43 earnings per share (EPS) for the quarter. Old Point Financial had a net margin of 10.12% and a return on equity of 8.16%. The firm had revenue of $15.43 million for the quarter.

Hedge Funds Weigh In On Old Point Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Northern Trust Corp boosted its stake in shares of Old Point Financial by 35.0% during the fourth quarter. Northern Trust Corp now owns 17,440 shares of the bank's stock valued at $454,000 after purchasing an additional 4,521 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Old Point Financial by 6.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 20,416 shares of the bank's stock valued at $532,000 after acquiring an additional 1,246 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in Old Point Financial by 1.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 18,951 shares of the bank's stock valued at $494,000 after acquiring an additional 350 shares in the last quarter. Bank of America Corp DE boosted its stake in Old Point Financial by 4,637.8% in the second quarter. Bank of America Corp DE now owns 1,753 shares of the bank's stock valued at $69,000 after acquiring an additional 1,716 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in Old Point Financial in the second quarter valued at approximately $874,000. 33.43% of the stock is currently owned by 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.