ChoiceOne Financial Services (NASDAQ:COFS) Announces Earnings Results

ChoiceOne Financial Services (NASDAQ:COFS) announced its earnings results on Wednesday. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01, FiscalAI reports. ChoiceOne Financial Services had a net margin of 10.57% and a return on equity of 11.52%. The business had revenue of $42.94 million during the quarter, compared to the consensus estimate of $43.80 million.

ChoiceOne Financial Services Stock Performance

NASDAQ:COFS traded down $0.63 during mid-day trading on Friday, reaching $28.94. The company’s stock had a trading volume of 25,752 shares, compared to its average volume of 74,685. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The stock has a market cap of $434.60 million, a P/E ratio of 21.15 and a beta of 0.61. The firm’s fifty day moving average price is $29.99 and its two-hundred day moving average price is $29.57. ChoiceOne Financial Services has a 12-month low of $24.89 and a 12-month high of $35.40.

ChoiceOne Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a $0.29 dividend. This is a positive change from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.16 dividend on an annualized basis and a yield of 4.0%. ChoiceOne Financial Services’s payout ratio is presently 84.67%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COFS. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. Wall Street Zen upgraded ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Finally, Hovde Group lowered ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Insider Activity at ChoiceOne Financial Services

In related news, Director Eric E. Burrough purchased 5,000 shares of ChoiceOne Financial Services stock in a transaction dated Monday, November 17th. The stock was purchased at an average cost of $28.50 per share, for a total transaction of $142,500.00. Following the completion of the purchase, the director directly owned 174,833 shares of the company’s stock, valued at $4,982,740.50. The trade was a 2.94% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 5.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ChoiceOne Financial Services

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in ChoiceOne Financial Services by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 806,507 shares of the company’s stock valued at $23,356,000 after buying an additional 8,209 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of ChoiceOne Financial Services by 1.1% in the second quarter. The Manufacturers Life Insurance Company now owns 226,161 shares of the company’s stock worth $6,491,000 after acquiring an additional 2,509 shares during the period. Dimensional Fund Advisors LP increased its position in ChoiceOne Financial Services by 32.9% during the third quarter. Dimensional Fund Advisors LP now owns 126,685 shares of the company’s stock valued at $3,669,000 after acquiring an additional 31,364 shares during the last quarter. Two Sigma Investments LP lifted its holdings in ChoiceOne Financial Services by 204.2% in the third quarter. Two Sigma Investments LP now owns 97,963 shares of the company’s stock valued at $2,837,000 after acquiring an additional 65,764 shares during the period. Finally, Squarepoint Ops LLC boosted its position in ChoiceOne Financial Services by 95.0% in the third quarter. Squarepoint Ops LLC now owns 66,898 shares of the company’s stock worth $1,937,000 after purchasing an additional 32,597 shares during the last quarter. Institutional investors own 19.90% of the company’s stock.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc is a bank holding company headquartered in Jackson, Michigan. Through its subsidiary, ChoiceOne Bank, it provides a full suite of banking and financial services to individuals, families, and businesses. The company’s primary operations are concentrated in community banking, spanning retail deposits, commercial and consumer lending, mortgage origination, and treasury management solutions.

ChoiceOne Bank offers checking and savings accounts, certificates of deposit, and online and mobile banking platforms designed to meet the needs of its customers.