ChoiceOne Financial Services (NASDAQ:COFS) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of ChoiceOne Financial Services (NASDAQ:COFS) from a buy rating to a hold rating in a report published on Friday morning.

Separately, Zacks Research raised shares of ChoiceOne Financial Services from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

ChoiceOne Financial Services Stock Down 0.3%

Shares of COFS opened at $29.35 on Friday. The stock has a market capitalization of $440.84 million, a PE ratio of 23.29 and a beta of 0.59. ChoiceOne Financial Services has a 1 year low of $24.89 and a 1 year high of $38.15. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 0.85. The company’s 50-day simple moving average is $29.94 and its 200-day simple moving average is $29.06.

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

ChoiceOne Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.8%. The ex-dividend date is Monday, September 15th. ChoiceOne Financial Services’s dividend payout ratio is currently 88.89%.

Hedge Funds Weigh In On ChoiceOne Financial Services

Hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its stake in ChoiceOne Financial Services by 74.6% in the second quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock valued at $37,000 after purchasing an additional 554 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in shares of ChoiceOne Financial Services by 153.2% during the second quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock worth $42,000 after acquiring an additional 884 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of ChoiceOne Financial Services by 617.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company’s stock worth $65,000 after acquiring an additional 1,945 shares during the last quarter. GAMMA Investing LLC grew its position in shares of ChoiceOne Financial Services by 35,137.5% during the first quarter. GAMMA Investing LLC now owns 2,819 shares of the company’s stock worth $81,000 after acquiring an additional 2,811 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its position in shares of ChoiceOne Financial Services by 58.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,570 shares of the company’s stock worth $102,000 after acquiring an additional 1,311 shares during the last quarter. 19.90% of the stock is currently owned by hedge funds and other institutional investors.

About ChoiceOne Financial Services

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.