ChoiceOne Financial Services (NASDAQ:COFS) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

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

ChoiceOne Financial Services Trading Down 1.9%

COFS traded down $0.56 during mid-day trading on Friday, hitting $29.01. 25,961 shares of the stock were exchanged, compared to its average volume of 74,759. The firm’s fifty day moving average is $29.99 and its two-hundred day moving average is $29.57. ChoiceOne Financial Services has a 1-year low of $24.89 and a 1-year high of $35.40. 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 company has a market cap of $435.66 million, a PE ratio of 21.17 and a beta of 0.61.

ChoiceOne Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a $0.29 dividend. The ex-dividend date was Monday, December 15th. This represents a $1.16 annualized dividend and a dividend yield of 4.0%. This is a boost from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. ChoiceOne Financial Services’s dividend payout ratio (DPR) is presently 84.67%.

Insiders Place Their Bets

In other ChoiceOne Financial Services news, Director Eric E. Burrough purchased 5,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were bought 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 approximately $4,982,740.50. This trade represents a 2.94% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Curi Capital LLC lifted its holdings in ChoiceOne Financial Services by 0.7% during the 2nd quarter. Curi Capital LLC now owns 51,537 shares of the company’s stock worth $1,479,000 after buying an additional 337 shares in the last quarter. Legal & General Group Plc increased its position in shares of ChoiceOne Financial Services by 74.6% during the second quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock worth $37,000 after acquiring an additional 554 shares during the period. Invesco Ltd. raised its stake in shares of ChoiceOne Financial Services by 12.4% in the second quarter. Invesco Ltd. now owns 14,282 shares of the company’s stock valued at $410,000 after acquiring an additional 1,573 shares in the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of ChoiceOne Financial Services in the third quarter valued at $46,000. Finally, Raymond James Financial Inc. boosted its holdings in ChoiceOne Financial Services by 2.9% in the third quarter. Raymond James Financial Inc. now owns 60,020 shares of the company’s stock valued at $1,738,000 after purchasing an additional 1,679 shares during the period. Institutional investors and hedge funds own 19.90% of the company’s stock.

Wall Street Analysts Forecast Growth

COFS has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Weiss Ratings reissued a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. Finally, Hovde Group lowered shares of 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 issued a Hold rating to the company’s stock. According to MarketBeat.com, ChoiceOne Financial Services presently has a consensus rating of “Hold” and an average target price of $35.00.

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.