DA Davidson Forecasts Strong Price Appreciation for ChoiceOne Financial Services (NASDAQ:COFS) Stock

ChoiceOne Financial Services (NASDAQ:COFS) had its target price hoisted by research analysts at DA Davidson from $38.00 to $40.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. DA Davidson‘s price target suggests a potential upside of 9.56% from the stock’s current price.

Several other research firms have also issued reports on COFS. Hovde Group lifted their target price on shares of ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of ChoiceOne Financial Services in a research note on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.50.

ChoiceOne Financial Services Trading Up 3.0%

Shares of NASDAQ COFS traded up $1.06 during midday trading on Monday, hitting $36.51. 8,913 shares of the company traded hands, compared to its average volume of 84,496. ChoiceOne Financial Services has a 12-month low of $26.63 and a 12-month high of $37.10. The stock has a 50-day moving average price of $33.40 and a 200 day moving average price of $31.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $546.17 million, a P/E ratio of 10.04 and a beta of 0.61.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its earnings results on Friday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.12. The firm had revenue of $45.19 million during the quarter, compared to analyst estimates 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, analysts expect that ChoiceOne Financial Services will post 3.65 earnings per share for the current year.

Institutional Investors Weigh In On ChoiceOne Financial Services

A number of institutional investors have recently added to or reduced their stakes in COFS. BlackRock Inc. purchased a new position in shares of ChoiceOne Financial Services during the second quarter valued at about $36,957,000. The Manufacturers Life Insurance Company bought a new stake in shares of ChoiceOne Financial Services in the second quarter worth about $7,466,000. Jacobs Asset Management LLC increased its holdings in shares of ChoiceOne Financial Services by 19.7% in the first quarter. Jacobs Asset Management LLC now owns 196,227 shares of the company’s stock worth $5,518,000 after purchasing an additional 32,330 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of ChoiceOne Financial Services in the second quarter worth about $1,571,000. Finally, Bank of America Corp DE purchased a new stake in shares of ChoiceOne Financial Services during the 2nd quarter worth approximately $1,651,000. 19.90% of the stock is owned by hedge funds and other institutional investors.

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.