ChoiceOne Financial Services (NASDAQ:COFS) Shares Down 0.5% – Here’s Why

ChoiceOne Financial Services, Inc. (NASDAQ:COFS)’s share price traded down 0.5% during mid-day trading on Tuesday. The company traded as low as $32.46 and last traded at $32.78. Approximately 124,738 shares changed hands during trading, an increase of 86% from the average daily volume of 67,234 shares. The stock had previously closed at $32.95.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on COFS shares. Weiss Ratings reiterated a “buy (b)” rating on shares of ChoiceOne Financial Services in a research note on Friday, September 25th. DA Davidson increased their target price on shares of ChoiceOne Financial Services from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Hovde Group raised their price target on shares of ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, ChoiceOne Financial Services presently has an average rating of “Moderate Buy” and a consensus price target of $36.50.

ChoiceOne Financial Services Trading Up 1.7%

The firm has a fifty day simple moving average of $33.64 and a 200-day simple moving average of $31.95. The firm has a market cap of $491.74 million, a P/E ratio of 9.06 and a beta of 0.59. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.87 and a quick ratio of 0.87.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings data on Friday, July 24th. The company reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05). ChoiceOne Financial Services had a net margin of 22.77% and a return on equity of 12.04%. The firm had revenue of $41.64 million during the quarter, compared to analyst estimates of $43.45 million. On average, equities research analysts expect that ChoiceOne Financial Services, Inc. will post 3.63 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.16 annualized dividend and a yield of 3.5%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is presently 31.96%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC bought a new position in shares of ChoiceOne Financial Services in the second quarter valued at $242,000. Empowered Funds LLC acquired a new position in shares of ChoiceOne Financial Services during the second quarter valued at about $1,571,000. Bank of America Corp DE bought a new stake in shares of ChoiceOne Financial Services during the second quarter worth about $1,651,000. Odyssean LLC bought a new stake in shares of ChoiceOne Financial Services during the second quarter worth about $213,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of ChoiceOne Financial Services in the 2nd quarter worth about $845,000. Institutional investors and hedge funds own 19.90% of the company’s stock.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc is a financial holding company headquartered in Sparta, Michigan. Through its wholly owned subsidiary, ChoiceOne Bank, the company provides community banking services to individuals, families, farmers, professionals and businesses.

ChoiceOne Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending services include residential mortgages, home equity loans, consumer loans, commercial real estate financing, agricultural loans and other business credit products.