Wellington Management Group LLP Purchases New Position in ChoiceOne Financial Services, Inc. $COFS

Wellington Management Group LLP purchased a new stake in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,605 shares of the company’s stock, valued at approximately $478,000. Wellington Management Group LLP owned about 0.19% of ChoiceOne Financial Services as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in ChoiceOne Financial Services by 35,137.5% during the 1st quarter. GAMMA Investing LLC now owns 2,819 shares of the company’s stock valued at $81,000 after purchasing an additional 2,811 shares during the last quarter. Mattson Financial Services LLC increased its position in ChoiceOne Financial Services by 58.0% in the 4th quarter. Mattson Financial Services LLC now owns 2,575 shares of the company’s stock valued at $92,000 after acquiring an additional 945 shares in the last quarter. Wells Fargo & Company MN increased its position in ChoiceOne Financial Services by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 4,891 shares of the company’s stock valued at $174,000 after acquiring an additional 1,065 shares in the last quarter. CWM LLC increased its position in ChoiceOne Financial Services by 58.9% in the 1st quarter. CWM LLC now owns 7,757 shares of the company’s stock valued at $223,000 after acquiring an additional 2,876 shares in the last quarter. Finally, Acorn Wealth Advisors LLC acquired a new stake in ChoiceOne Financial Services in the 1st quarter valued at about $228,000. 19.90% of the stock is owned by institutional investors.

ChoiceOne Financial Services Price Performance

Shares of NASDAQ:COFS opened at $30.86 on Tuesday. ChoiceOne Financial Services, Inc. has a one year low of $24.89 and a one year high of $38.15. The company has a 50 day moving average of $29.71 and a 200-day moving average of $29.20. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market cap of $463.52 million, a price-to-earnings ratio of 24.49 and a beta of 0.59.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its quarterly earnings results on Friday, July 25th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.80 by $0.11. ChoiceOne Financial Services had a net margin of 7.95% and a return on equity of 11.26%. The company had revenue of $42.83 million during the quarter, compared to analysts’ expectations of $38.95 million. On average, sell-side analysts forecast that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.28 per share. The ex-dividend date is Monday, September 15th. This represents a $1.12 annualized dividend and a dividend yield of 3.6%. ChoiceOne Financial Services’s payout ratio is currently 88.89%.

Wall Street Analyst Weigh In

Several research firms have weighed in on COFS. Wall Street Zen upgraded shares of ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research upgraded shares of ChoiceOne Financial Services from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, ChoiceOne Financial Services has an average rating of “Moderate Buy” and a consensus price target of $37.00.

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.