Old Point Financial Co. (NASDAQ:OPOF) Sees Significant Decline in Short Interest

Old Point Financial Co. (NASDAQ:OPOF) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 700 shares, a drop of 22.2% from the July 31st total of 900 shares. Based on an average trading volume of 2,300 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.0% of the company’s stock are sold short.

Several institutional investors and hedge funds have recently modified their holdings of OPOF. Vanguard Group Inc. increased its holdings in shares of Old Point Financial by 0.7% in the second quarter. Vanguard Group Inc. now owns 142,620 shares of the bank’s stock worth $3,145,000 after acquiring an additional 1,000 shares in the last quarter. Penn Capital Management Co. Inc. lifted its holdings in Old Point Financial by 3.6% during the 1st quarter. Penn Capital Management Co. Inc. now owns 33,039 shares of the bank’s stock worth $700,000 after purchasing an additional 1,153 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Old Point Financial by 10.8% during the 2nd quarter. Renaissance Technologies LLC now owns 38,035 shares of the bank’s stock worth $839,000 after purchasing an additional 3,700 shares during the last quarter. Southside Capital LLC acquired a new stake in Old Point Financial during the 2nd quarter worth approximately $107,000. Finally, PL Capital Advisors LLC lifted its holdings in Old Point Financial by 3.1% during the 2nd quarter. PL Capital Advisors LLC now owns 426,414 shares of the bank’s stock worth $9,402,000 after purchasing an additional 12,900 shares during the last quarter. 34.85% of the stock is currently owned by institutional investors and hedge funds.

Old Point Financial stock traded down $0.15 during midday trading on Friday, hitting $23.50. The company’s stock had a trading volume of 644 shares, compared to its average volume of 4,267. The stock’s 50-day moving average price is $23.11 and its 200-day moving average price is $22.14. The company has a market capitalization of $122.27 million, a PE ratio of 18.60 and a beta of 0.39. Old Point Financial has a 12 month low of $19.00 and a 12 month high of $29.90. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.47.

Old Point Financial (NASDAQ:OPOF) last posted its earnings results on Thursday, July 25th. The bank reported $0.31 earnings per share for the quarter. Old Point Financial had a return on equity of 6.47% and a net margin of 12.39%. The firm had revenue of $12.10 million during the quarter.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, August 30th.

Separately, TheStreet raised shares of Old Point Financial from a “c+” rating to a “b-” rating in a research report on Friday, June 28th.

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

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