Executives at Old Point Financial Corp (NASDAQ:OPOF) have recently increased their stakes in the company with the purchase of shares valued at over $260,000. The transactions took place on May 14 and 15, with the prices paid for the shares ranging from $14.1749 to $14.2482.
The buying activity involved a total of 18,274 shares of common stock. On the first day, 17,403 shares were acquired at a weighted average price of $14.2482. The following day saw a smaller transaction of 871 shares, which were purchased at a weighted average price of $14.1749. The specific prices paid for the shares varied within a range of $13.95 to $14.25 on May 14, and $14.05 to $14.24 on May 15, as noted in the footnotes of the SEC filing.
These transactions were conducted by PL Capital Advisors, LLC, and its managing members, Richard J. Lashley and John W. Palmer, who are reported to hold a ten percent ownership in the company. The footnotes also clarify that PL Capital Advisors has sole voting and dispositive power over the shares held by its clients, with this authority shared with the managing members Lashley and Palmer.
Following these acquisitions, the total number of shares owned by the reporting parties has reached over 623,000. The purchases underline a continued confidence in the financial institution by its executives and are a significant addition to their existing holdings.
Investors often monitor the buying and selling activities of company insiders as it can provide insights into the executives' perspectives on the company's current valuation and future prospects. The recent purchases by Old Point Financial Corp executives might be interpreted as a positive signal regarding the company's outlook.
InvestingPro Insights
As Old Point Financial Corp (NASDAQ:OPOF) insiders show confidence in their company with recent share purchases, investors are looking closely at the financial health and future prospects of the firm. According to InvestingPro data, Old Point Financial has a market capitalization of $72.07 million and a Price to Earnings (P/E) ratio of 11.33 based on the last twelve months as of Q1 2024. This P/E ratio indicates a potentially undervalued stock, especially when considering the company's long history of dividend payments, which has continued for 27 consecutive years.
Despite a slight decline in revenue growth of -1.27% over the last twelve months as of Q1 2024, the company has maintained a solid operating income margin of 12.61%. This suggests efficient management of operating costs relative to its revenue. Additionally, Old Point Financial's dividend yield stands at 3.95%, which is a compelling figure for income-seeking investors, particularly in the context of the company's commitment to raising its dividend for three consecutive years, as highlighted by one of the InvestingPro Tips.
Another InvestingPro Tip points out that the stock is trading near its 52-week low, with a price that is 63.37% of the 52-week high, and has experienced a significant price drop over the last three months, with a three-month price total return of -15.58%. This could represent a buying opportunity for investors who believe in the company's fundamentals and are looking for potential value plays.
For those interested in a deeper analysis, there are additional InvestingPro Tips available for Old Point Financial Corp, which can be accessed by visiting https://www.investing.com/pro/OPOF. Moreover, readers can take advantage of an exclusive offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a wealth of financial data and insights to inform investment decisions.
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