Old Point Financial Co. (NASDAQ:OPOF) Sees Large Drop in Short Interest

Old Point Financial Co. (NASDAQ:OPOF – Get Rating) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 4,800 shares, a drop of 56.0% from the April 30th total of 10,900 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 4,800 shares, the short-interest ratio is currently 1.0 days.

Hedge Funds Weigh In On Old Point Financial

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its stake in shares of Old Point Financial by 306.3% in the 3rd quarter. BlackRock Inc. now owns 37,992 shares of the bank’s stock worth $1,053,000 after purchasing an additional 28,642 shares during the last quarter. State Street Corp grew its stake in shares of Old Point Financial by 10.6% in the 2nd quarter. State Street Corp now owns 22,076 shares of the bank’s stock worth $558,000 after purchasing an additional 2,122 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Old Point Financial by 5.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,868 shares of the bank’s stock worth $521,000 after buying an additional 1,215 shares during the period. Morgan Stanley boosted its holdings in shares of Old Point Financial by 6.3% in the fourth quarter. Morgan Stanley now owns 8,731 shares of the bank’s stock worth $236,000 after buying an additional 514 shares during the period. Finally, OLD Point Trust & Financial Services N A boosted its holdings in shares of Old Point Financial by 3.5% in the first quarter. OLD Point Trust & Financial Services N A now owns 200,739 shares of the bank’s stock worth $4,780,000 after buying an additional 6,787 shares during the period. Institutional investors and hedge funds own 32.37% of the company’s stock.

Old Point Financial Price Performance

Shares of OPOF traded down $0.79 during mid-day trading on Friday, hitting $16.00. The company’s stock had a trading volume of 8,096 shares, compared to its average volume of 4,305. The firm has a 50-day moving average price of $20.99 and a 200 day moving average price of $23.69. The stock has a market capitalization of $79.52 million, a price-to-earnings ratio of 7.77 and a beta of 0.21. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.91 and a quick ratio of 0.91. Old Point Financial has a fifty-two week low of $15.00 and a fifty-two week high of $29.06.

Old Point Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Wednesday, June 7th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, June 6th. This represents a $0.56 annualized dividend and a dividend yield of 3.50%. Old Point Financial’s dividend payout ratio is currently 27.59%.

Old Point Financial Company Profile

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Old Point Financial Corp. operates as a bank holding company, which engages in the provision of banking services through its subsidiaries. It offers various consumer, mortgage, and business banking services, including loan, deposit, and cash management services. The company was founded on February 16, 1984 and is headquartered in Hampton, VA.