ChoiceOne Financial Services (NASDAQ:COFS) Given New $35.00 Price Target at Hovde Group

ChoiceOne Financial Services (NASDAQ:COFS) had its price objective lifted by Hovde Group from $32.00 to $35.00 in a research note released on Monday, Marketbeat.com reports. The firm currently has a market perform rating on the stock.

Other analysts have also issued research reports about the stock. DA Davidson raised their price target on shares of ChoiceOne Financial Services from $32.00 to $34.00 and gave the company a “buy” rating in a report on Monday, April 27th. Weiss Ratings raised ChoiceOne Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ChoiceOne Financial Services currently has a consensus rating of “Moderate Buy” and an average target price of $34.50.

ChoiceOne Financial Services Stock Up 3.7%

Shares of NASDAQ:COFS opened at $33.92 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.50. The firm has a market cap of $508.12 million, a P/E ratio of 9.34 and a beta of 0.59. ChoiceOne Financial Services has a 12 month low of $26.09 and a 12 month high of $35.40. The company’s 50-day moving average price is $32.60 and its two-hundred day moving average price is $30.38.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its earnings results on Friday, July 24th. The company reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05). ChoiceOne Financial Services had a return on equity of 12.18% and a net margin of 22.77%.The company had revenue of $41.64 million during the quarter, compared to the consensus estimate of $43.45 million. As a group, research analysts forecast that ChoiceOne Financial Services will post 3.6 EPS for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.29 per share. The ex-dividend date was Monday, June 15th. This represents a $1.16 dividend on an annualized basis and a yield of 3.4%. ChoiceOne Financial Services’s dividend payout ratio is presently 31.35%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of COFS. Bank of America Corp DE grew its position in shares of ChoiceOne Financial Services by 4.8% during the 1st quarter. Bank of America Corp DE now owns 39,673 shares of the company’s stock worth $1,116,000 after buying an additional 1,811 shares during the period. Empowered Funds LLC lifted its holdings in ChoiceOne Financial Services by 29.7% in the first quarter. Empowered Funds LLC now owns 42,998 shares of the company’s stock valued at $1,209,000 after buying an additional 9,842 shares during the period. Quantinno Capital Management LP bought a new position in ChoiceOne Financial Services in the first quarter valued at approximately $305,000. Jacobs Asset Management LLC boosted its stake in ChoiceOne Financial Services by 19.7% in the first quarter. Jacobs Asset Management LLC now owns 196,227 shares of the company’s stock valued at $5,518,000 after acquiring an additional 32,330 shares during the last quarter. Finally, Sei Investments Co. acquired a new stake in ChoiceOne Financial Services during the 1st quarter worth $545,000. Institutional investors 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.