ChoiceOne Financial Services (NASDAQ:COFS) Upgraded by Wall Street Zen to Buy Rating

ChoiceOne Financial Services (NASDAQ:COFS) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday.

Other analysts have also issued research reports about the company. Zacks Research raised ChoiceOne Financial Services from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Weiss Ratings restated a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, ChoiceOne Financial Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

ChoiceOne Financial Services Price Performance

Shares of COFS opened at $30.47 on Friday. The stock has a market cap of $457.66 million, a PE ratio of 22.24 and a beta of 0.61. ChoiceOne Financial Services has a 1-year low of $24.89 and a 1-year high of $36.57. The firm has a 50-day simple moving average of $29.73 and a two-hundred day simple moving average of $29.58. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.84 and a quick ratio of 0.83.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its earnings results on Tuesday, November 8th. The company reported $0.60 earnings per share (EPS) for the quarter. The firm had revenue of $20.17 million for the quarter. ChoiceOne Financial Services had a return on equity of 11.52% and a net margin of 10.57%. As a group, analysts forecast that ChoiceOne Financial Services will post 3.67 EPS for the current year.

Insider Buying and Selling

In related news, Director Eric E. Burrough acquired 5,000 shares of the company’s stock in a transaction dated Monday, November 17th. The stock was bought at an average price of $28.50 per share, with a total value of $142,500.00. Following the purchase, the director directly owned 174,833 shares in the company, valued at $4,982,740.50. The trade was a 2.94% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 5.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On ChoiceOne Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of COFS. Qube Research & Technologies Ltd lifted its stake in shares of ChoiceOne Financial Services by 18.3% during the third quarter. Qube Research & Technologies Ltd now owns 20,149 shares of the company’s stock worth $584,000 after purchasing an additional 3,112 shares in the last quarter. Brevan Howard Capital Management LP acquired a new position in ChoiceOne Financial Services during the 3rd quarter worth approximately $334,000. Bank of America Corp DE boosted its holdings in ChoiceOne Financial Services by 38.7% in the 3rd quarter. Bank of America Corp DE now owns 30,210 shares of the company’s stock worth $875,000 after acquiring an additional 8,427 shares during the period. Aquatic Capital Management LLC purchased a new position in ChoiceOne Financial Services in the 3rd quarter worth approximately $46,000. Finally, Raymond James Financial Inc. grew its position in ChoiceOne Financial Services by 2.9% in the third quarter. Raymond James Financial Inc. now owns 60,020 shares of the company’s stock valued at $1,738,000 after acquiring an additional 1,679 shares in the last quarter. Institutional investors and hedge funds own 19.90% of the company’s stock.

About ChoiceOne Financial Services

ChoiceOne Financial Services, Inc is a bank holding company headquartered in Jackson, Michigan. Through its subsidiary, ChoiceOne Bank, it provides a full suite of banking and financial services to individuals, families, and businesses. The company’s primary operations are concentrated in community banking, spanning retail deposits, commercial and consumer lending, mortgage origination, and treasury management solutions.

ChoiceOne Bank offers checking and savings accounts, certificates of deposit, and online and mobile banking platforms designed to meet the needs of its customers.