Old Point Financial (NASDAQ:OPOF) Stock Passes Above 200-Day Moving Average - Here's Why

Key Points

• Old Point Financial Corporation (NASDAQ:OPOF) shares have crossed above their 200-day moving average of $36.45, reaching a current price of $40.63 during trading.
• Analysts from Wall Street Zen have downgraded Old Point Financial's stock from a "hold" rating to a "sell" rating as of August 2nd.
• The company recently announced a quarterly dividend of $0.14 per share, which equates to an annual yield of 1.4% based on current trading prices.

Old Point Financial Corporation (NASDAQ:OPOF - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $36.45 and traded as high as $41.35. Old Point Financial shares last traded at $40.63, with a volume of 22,818 shares.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Old Point Financial from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd.

Old Point Financial Stock Down 0.2%

The company has a fifty day simple moving average of $40.60 and a 200-day simple moving average of $36.98. 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 firm has a market cap of $212.42 million, a P/E ratio of 24.50 and a beta of -0.32.

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

Old Point Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, June 9th. Old Point Financial's payout ratio is currently 32.94%.

Hedge Funds Weigh In On Old Point Financial

Large investors have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Old Point Financial in the second quarter valued at about $36,000. Credit Industriel ET Commercial purchased a new position in shares of Old Point Financial in the second quarter valued at about $64,000. Bank of America Corp DE lifted its position in shares of 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. JPMorgan Chase & Co. purchased a new position in shares of Old Point Financial in the second quarter valued at about $75,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Old Point Financial in the second quarter valued at about $83,000. 33.43% of the stock is currently 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.