ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Receives $35.50 Average Target Price from Analysts

Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) have received a consensus rating of “Hold” from the four ratings firms that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $35.50.

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

ChoiceOne Financial Services Stock Down 0.1%

COFS stock opened at $29.58 on Monday. The company has a market cap of $444.29 million, a P/E ratio of 19.72 and a beta of 0.58. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average price is $29.17 and its 200 day moving average price is $29.57. ChoiceOne Financial Services has a 52 week low of $24.89 and a 52 week high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings results on Friday, January 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $43.80 million. On average, research analysts expect that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.29 per share. The ex-dividend date is Friday, March 13th. This represents a $1.16 annualized dividend and a yield of 3.9%. ChoiceOne Financial Services’s dividend payout ratio is currently 77.33%.

Insider Transactions at ChoiceOne Financial Services

In other news, Director Bradley F. Mcginnis acquired 1,000 shares of ChoiceOne Financial Services stock in a transaction dated Tuesday, March 3rd. The shares were acquired at an average cost of $29.15 per share, with a total value of $29,150.00. Following the purchase, the director directly owned 15,301 shares of the company’s stock, valued at approximately $446,024.15. This trade represents a 6.99% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory A. Mcconnell bought 1,550 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were acquired at an average cost of $29.04 per share, with a total value of $45,012.00. Following the transaction, the director owned 35,950 shares in the company, valued at approximately $1,043,988. This represents a 4.51% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 2,800 shares of company stock worth $81,307 in the last three months. 5.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ChoiceOne Financial Services

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in ChoiceOne Financial Services by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 806,507 shares of the company’s stock valued at $23,356,000 after purchasing an additional 8,209 shares in the last quarter. Geode Capital Management LLC boosted its position 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 period. State Street Corp grew its stake in shares of ChoiceOne Financial Services by 12.0% in the fourth quarter. State Street Corp now owns 314,213 shares of the company’s stock valued at $9,276,000 after buying an additional 33,739 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of ChoiceOne Financial Services by 1.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 226,161 shares of the company’s stock valued at $6,491,000 after buying an additional 2,509 shares during the period. Finally, ProShare Advisors LLC purchased a new stake in shares of ChoiceOne Financial Services during the 2nd quarter valued at about $5,973,000. Hedge funds and other institutional investors own 19.90% of the company’s stock.

ChoiceOne Financial Services Company Profile

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.