Invesco Ltd. Raises Stock Position in ChoiceOne Financial Services, Inc. (NASDAQ:COFS)

Invesco Ltd. raised its holdings in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) by 3.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,204 shares of the company’s stock after purchasing an additional 483 shares during the quarter. Invesco Ltd. owned 0.16% of ChoiceOne Financial Services worth $506,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its stake in shares of ChoiceOne Financial Services by 401.9% in the 4th quarter. American Century Companies Inc. now owns 69,842 shares of the company’s stock valued at $2,489,000 after purchasing an additional 55,926 shares during the period. Vanguard Group Inc. increased its holdings in ChoiceOne Financial Services by 9.2% in the fourth quarter. Vanguard Group Inc. now owns 438,579 shares of the company’s stock valued at $15,631,000 after buying an additional 36,909 shares in the last quarter. Geode Capital Management LLC raised its position in shares of ChoiceOne Financial Services by 21.2% in the third quarter. Geode Capital Management LLC now owns 187,342 shares of the company’s stock worth $5,792,000 after acquiring an additional 32,725 shares during the period. Segall Bryant & Hamill LLC boosted its stake in shares of ChoiceOne Financial Services by 73.1% during the 4th quarter. Segall Bryant & Hamill LLC now owns 61,219 shares of the company’s stock worth $2,182,000 after acquiring an additional 25,846 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of ChoiceOne Financial Services by 172.8% during the 4th quarter. JPMorgan Chase & Co. now owns 29,698 shares of the company’s stock valued at $1,058,000 after acquiring an additional 18,811 shares during the period. 19.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on COFS. Janney Montgomery Scott raised ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a report on Monday, March 3rd. DA Davidson dropped their price target on shares of ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Finally, Hovde Group began coverage on shares of ChoiceOne Financial Services in a research report on Monday, March 10th. They set an “outperform” rating and a $35.00 price objective for the company.

ChoiceOne Financial Services Price Performance

NASDAQ:COFS opened at $29.05 on Friday. The stock has a 50 day moving average of $28.25 and a two-hundred day moving average of $32.37. ChoiceOne Financial Services, Inc. has a 12 month low of $23.71 and a 12 month high of $38.15. The firm has a market cap of $260.55 million, a P/E ratio of 8.91 and a beta of 0.61. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.99.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.82 by $0.04. The firm had revenue of $31.23 million during the quarter, compared to the consensus estimate of $29.70 million. ChoiceOne Financial Services had a return on equity of 12.44% and a net margin of 19.21%. On average, analysts expect that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.86%. The ex-dividend date was Friday, March 14th. ChoiceOne Financial Services’s dividend payout ratio is currently 34.36%.

ChoiceOne Financial Services Profile

ChoiceOne Financial Services, Inc operates as the bank holding company for ChoiceOne Bank that provides banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits, safe deposit, and automated transaction machine services.