Latest news with #OldPoint
Yahoo
02-05-2025
- Business
- Yahoo
Why Old Point Financial Corporation (OPOF) Is Surging in 2025
We recently published an article titled . In this article, we are going to take a look at where Old Point Financial Corporation (NASDAQ:OPOF) stands against the other financial services stocks. The financial services sector has entered 2025 on a wave of strong performance and renewed investor interest. This sector consists of banking, payments, insurance, and asset management and is a cornerstone of the global economy. These stocks didn't do too well during the 2022 downturn, as there was uncertainty regarding whether or not the Federal Reserve would bail out regional banks. However, after the 'mini banking crisis' calmed down, these stocks have performed quite well despite the macro trends being uncertain. And for some stocks, that momentum has been even stronger so far this year. It's worth looking at why. Even during bear markets, there are pockets of the market that perform exceptionally well. For example, I identified in another article. For this article, I screened the best-performing financial services stocks year-to-date. I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A successful financial advisor giving advice to a satisfied client in an office. Number of Hedge Fund Holders In Q4 2024: 2 Old Point Financial Corporation (NASDAQ:OPOF) is a community-focused bank holding company headquartered in Hampton, Virginia, offering retail and commercial banking, wealth management, mortgage, and insurance services through its subsidiaries and branches in the Hampton Roads region. The stock is up significantly so far in 2025. It is almost entirely due to the announcement on April 3, 2025, that Old Point will merge with TowneBank. Under the merger agreement, Old Point shareholders can elect to receive either $41.00 in cash or 1.14 shares of TowneBank stock per Old Point share, valuing the transaction at approximately $203 million. This deal implies a significant premium to Old Point's pre-announcement share price and immediately drove the stock up by more than 40% in a single session, well above the 5% threshold. The merger is expected to create a stronger platform for growth and enhanced value for shareholders, customers, and employees. In its Q1 2025 results, Old Point reported net income of $2.2 million, up 26% year-over-year, with modest growth in assets and deposits. However, the financial results were overshadowed by the merger news, which is the clear and overwhelming reason for the stock's surge in 2025. Old Point Financial Corporation (NASDAQ:OPOF) stock is up 49.73% year-to-date. Overall OPOF ranks 11th on our list of the financial services stocks that are surging in 2025. While we acknowledge the potential of OPOF as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than OPOF but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Associated Press
04-04-2025
- Business
- Associated Press
SHAREHOLDER ALERT: Rigrodsky Law, P.A. Is Investigating Old Point Financial Corporation Buyout
Wilmington, Delaware--(Newsfile Corp. - April 4, 2025) - Rigrodsky Law, P.A. is investigating Old Point Financial Corporation ('Old Point') (NASDAQ: OPOF) regarding possible breaches of fiduciary duties and other violations of law related to Old Point's agreement to be acquired by Hampton Roads based TowneBank ('TowneBank'). Under the terms of the agreement, Old Point shareholders will receive $41.00 per share in cash or 1.1400 ordinary shares of TowneBank for each share of Old Point common stock they own. To learn more about this investigation and your rights, visit: To contact Seth D. Rigrodsky or Gina M. Serra cost free, call (302) 295-5310 or email [email protected]. Rigrodsky Law, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide. Attorney advertising. Prior results do not guarantee a similar outcome. Contact: Rigrodsky Law, P.A. Seth D. Rigrodsky, Esq. Gina M. Serra, Esq. Telephone: (302) 295-5310
Yahoo
04-04-2025
- Business
- Yahoo
TowneBank seals deal to acquire Virginia's Old Point for $203m
Virginia's TowneBank has agreed to acquire regional peer Old Point Financial, the parent of The Old Point National Bank of Phoebus (OPNB), in a cash-stock deal valued at nearly $203m. Under the agreement, Old Point shareholders can opt for either $41.00 in cash or 1.1400 shares of TowneBank common stock for each share held. TowneBank anticipates the acquisition and subsequent merger with Virginia-based Old Point to be approximately 10% accretive to its earnings per share. This move is set to enhance TowneBank's presence in the Hampton Roads Metropolitan Statistical Area (MSA), adding a 'high-quality core deposit franchise' to its portfolio. The acquisition is pending regulatory and shareholders' approvals, with completion expected in the second half of 2025. Upon completion of this transaction and including TowneBank's recent purchase of Village Bank and Trust Financial, the combined entity is projected to have total assets of $19.5bn, loans of $13.1bn, and deposits of $16.3bn as of 31 December 2024. Both TowneBank and Old Point completed due diligence in connection with the deal, which has secured the green light from the companies' boards. TowneBank secured financial advice from Piper Sandler & Co, with Wachtell, Lipton, Rosen & Katz serving as lead legal counsel and Williams Mullen as local counsel. For Old Point, Keefe, Bruyette & Woods, A Stifel Company, offered financial advice, while Troutman Pepper Locke provided legal counsel. TowneBank executive chairman G. Robert Aston, Jr. said: 'We are excited to partner with Old Point and welcome its talented team into our TowneBank family.' 'Old Point has legendary status here in our community and most especially, in Hampton, Virginia where it was founded over 100 years ago. I have the deepest respect for the Shuford family that has guided Old Point throughout the years with the highest of character and unwavering integrity. Joining our two banking families together will create a combined franchise with a strong core deposit base, outstanding credit quality, and substantial synergies that will generate top tier financial performance for our shareholders while helping our communities grow and prosper.' Old Point Financial Corporation chairman, president and CEO Robert F. Shuford, Jr. added: 'Together, we will bring expanded relationships and services to our communities, enhanced opportunities for our employees, and significant value for our shareholders.' "TowneBank seals deal to acquire Virginia's Old Point for $203m" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio Error in retrieving data
