In a recent series of transactions, executives from PL Capital Advisors, LLC have increased their holdings in Old Point Financial Corp (NASDAQ:OPOF), a Virginia-based national commercial banking institution. According to the latest filings, the executives purchased shares at prices ranging from $14.75 to $15.00, with a total value of approximately $26.8K.
The transactions, which occurred on May 28, 2024, involved a collective purchase of 1,799 shares of Old Point Financial Corp's common stock at a weighted average price of $14.9164 per share. Following these purchases, the executives now possess a total of 627,020 shares in the company.
PL Capital Advisors, LLC, along with managing members Richard J. Lashley and John W. Palmer, jointly filed the statement, highlighting their significant ownership and influence over the company's stock. The investment advisory firm, registered with the Securities and Exchange Commission, operates with Lashley and Palmer at the helm, managing investment partnerships, funds, and client accounts.
The ownership is indirect, as PL Capital Advisors holds sole voting and dispositive power over the common stock owned by its clients, which is shared with Lashley and Palmer. It's important to note that the clients themselves do not have the right to acquire voting or dispositive power over the stock within sixty days.
Investors and market watchers often look to the buying and selling activities of company insiders as a signal of their confidence in the firm's prospects. The recent acquisition by PL Capital Advisors' executives is a move that may be interpreted as a positive sign regarding Old Point Financial Corp's future performance.
The executives at PL Capital Advisors have affirmed their actions with signatures on the filing, indicating their compliance with regulatory standards and their commitment to transparency in their investment activities.
InvestingPro Insights
Amid the recent uptick in insider acquisitions at Old Point Financial Corp (NASDAQ:OPOF), the company's financial health and performance metrics, as reflected by InvestingPro data, offer additional context for investors. With a market capitalization of $76.64 million and a trailing P/E ratio of 12.04, Old Point Financial appears to be modestly valued compared to some industry peers. Notably, the firm has a PEG ratio of -0.32, which suggests that the market may be expecting slower future earnings growth relative to the company's earnings growth pattern over the last twelve months.
Despite a slight decline in revenue growth by 1.27% over the last twelve months as of Q1 2024, Old Point Financial has maintained a robust operating income margin of 12.61%. This indicates an efficient control over operating expenses relative to its revenue. Furthermore, the company has a solid track record of returning capital to shareholders, as evidenced by its dividend yield of 3.76% and a history of maintaining dividend payments for 27 consecutive years, according to InvestingPro Tips. Additionally, the company has increased its dividend for three consecutive years, underscoring its commitment to shareholder returns despite the challenges posed by weak gross profit margins.
Investors considering Old Point Financial Corp as a potential addition to their portfolio can find further guidance through InvestingPro, which features additional tips on the company's performance and outlook. With a comprehensive analysis of financial data and market trends, InvestingPro offers valuable insights to help make informed investment decisions. For those interested in accessing the full suite of InvestingPro Tips, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are numerous additional tips available on InvestingPro for Old Point Financial Corp, which can be found at: https://www.investing.com/pro/OPOF.
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