ChoiceOne Financial Services (NASDAQ:COFS) Reaches New 12-Month High – Should You Buy?

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) reached a new 52-week high during trading on Thursday. The stock traded as high as $38.89 and last traded at $38.5590, with a volume of 2,697 shares changing hands. The stock had previously closed at $37.61.

Analysts Set New Price Targets

COFS has been the subject of a number of analyst reports. Hovde Group boosted their price objective on ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of ChoiceOne Financial Services in a research report on Friday, September 25th. Finally, DA Davidson increased their target price on ChoiceOne Financial Services from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $37.50.

ChoiceOne Financial Services Trading Down 0.2%

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.71. The stock has a market cap of $548.88 million, a P/E ratio of 10.11 and a beta of 0.61. The firm’s 50-day simple moving average is $33.74 and its 200 day simple moving average is $31.72.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings results on Friday, October 30th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.12. The company had revenue of $45.19 million for the quarter, compared to analysts’ expectations of $44.50 million. ChoiceOne Financial Services had a return on equity of 12.13% and a net margin of 22.66%. As a group, equities research analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.78 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, September 15th. ChoiceOne Financial Services’s dividend payout ratio (DPR) is currently 31.96%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new position in shares of ChoiceOne Financial Services during the second quarter valued at $49,000. Bank of America Corp DE lifted its holdings in ChoiceOne Financial Services by 4.8% in the first quarter. Bank of America Corp DE now owns 39,673 shares of the company’s stock worth $1,116,000 after purchasing an additional 1,811 shares during the period. Bank of New York Mellon Corp lifted its holdings in ChoiceOne Financial Services by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 62,406 shares of the company’s stock worth $1,755,000 after purchasing an additional 2,114 shares during the period. Hsbc Holdings PLC grew its position in ChoiceOne Financial Services by 22.9% in the 4th quarter. Hsbc Holdings PLC now owns 26,903 shares of the company’s stock valued at $790,000 after buying an additional 5,017 shares in the last quarter. Finally, Odyssean LLC bought a new position in ChoiceOne Financial Services in the 2nd quarter valued at about $213,000. Institutional investors and hedge funds own 19.90% of the company’s stock.

About ChoiceOne Financial Services

ChoiceOne Financial Services, Inc (NASDAQ: COFS) is the bank holding company for ChoiceOne Bank, a community banking organization headquartered in Sparta, Michigan. The company serves individuals, families, farmers and businesses through a network of branches and digital banking channels primarily across western and central Michigan.

ChoiceOne Bank provides a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and commercial lending.