Old Point Financial (NASDAQ:OPOF) Shares Pass 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 crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-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 trading hands.

Analysts Set New Price Targets

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

Old Point Financial Trading Up 2.6%

The stock has a fifty day moving average of $40.55 and a 200 day moving average of $36.71. The company has a market capitalization of $212.77 million, a P/E ratio of 24.54 and a beta of -0.32. 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 (NASDAQ:OPOF - Get Free Report) last announced its earnings results on Wednesday, July 30th. The bank reported $0.43 EPS for the quarter. Old Point Financial had a return on equity of 8.16% and a net margin of 10.12%.The company had revenue of $15.43 million for the quarter.

Old Point Financial Dividend Announcement

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

Hedge Funds Weigh In On Old Point Financial

Institutional investors have recently bought and sold shares of the stock. Police & Firemen s Retirement System of New Jersey bought a new position in Old Point Financial in the 2nd quarter worth $36,000. Credit Industriel ET Commercial bought a new position in Old Point Financial in the 2nd quarter worth $64,000. Bank of America Corp DE increased its stake in Old Point Financial by 4,637.8% in the 2nd quarter. Bank of America Corp DE now owns 1,753 shares of the bank's stock worth $69,000 after buying an additional 1,716 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in Old Point Financial in the 2nd quarter worth $75,000. Finally, Raymond James Financial Inc. purchased a new stake in Old Point Financial in the 2nd quarter worth $83,000. 33.43% of the stock is 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.