ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Receives $35.50 Consensus PT from Brokerages

Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) have received an average recommendation of “Hold” from the five brokerages that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $35.50.

Several research analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. Wall Street Zen lowered shares of ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. DA Davidson reiterated a “buy” rating and issued a $36.00 target price on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. Finally, Hovde Group lowered shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th.

Insiders Place Their Bets

In related news, Director Eric E. Burrough purchased 5,000 shares of ChoiceOne Financial Services stock in a transaction on 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 completion of the transaction, the director directly owned 174,833 shares of the company’s stock, valued at approximately $4,982,740.50. This represents a 2.94% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC bought a new stake in ChoiceOne Financial Services during the second quarter worth approximately $5,973,000. Geode Capital Management LLC lifted its stake in shares of ChoiceOne Financial Services by 70.4% in the second quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock worth $9,307,000 after buying an additional 133,999 shares during the last quarter. Two Sigma Investments LP boosted its holdings in shares of ChoiceOne Financial Services by 204.2% during the 3rd quarter. Two Sigma Investments LP now owns 97,963 shares of the company’s stock worth $2,837,000 after buying an additional 65,764 shares during the period. First Trust Advisors LP grew its stake in ChoiceOne Financial Services by 427.1% in the 3rd quarter. First Trust Advisors LP now owns 50,990 shares of the company’s stock valued at $1,477,000 after buying an additional 41,317 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in ChoiceOne Financial Services by 95.0% in the 3rd quarter. Squarepoint Ops LLC now owns 66,898 shares of the company’s stock worth $1,937,000 after acquiring an additional 32,597 shares during the period. 19.90% of the stock is owned by institutional investors.

ChoiceOne Financial Services Trading Up 1.0%

Shares of NASDAQ:COFS opened at $30.33 on Thursday. The firm has a fifty day moving average of $29.94 and a two-hundred day moving average of $29.60. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.55. ChoiceOne Financial Services has a 12-month low of $24.89 and a 12-month high of $35.40. The firm has a market capitalization of $455.56 million, a P/E ratio of 20.22 and a beta of 0.58.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings results on Friday, January 30th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.81%. The business had revenue of $42.94 million for the quarter, compared to the consensus estimate of $43.80 million. On average, equities analysts expect that ChoiceOne Financial Services will post 3.67 EPS for the current fiscal year.

ChoiceOne Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, December 15th. This is a positive change from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 3.8%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is currently 77.33%.

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.