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

ChoiceOne Financial Services (NASDAQ:COFS) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

Several other research analysts have also weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Wednesday, January 21st. 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. Finally, DA Davidson reaffirmed a “buy” rating and set a $36.00 price target on shares of ChoiceOne Financial Services in a research report on Tuesday, February 3rd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $36.00.

ChoiceOne Financial Services Stock Performance

Shares of COFS opened at $27.49 on Friday. The firm has a market cap of $411.80 million, a price-to-earnings ratio of 18.33 and a beta of 0.58. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.67. The business’s 50 day moving average is $28.78 and its two-hundred day moving average is $29.33. 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $42.94 million during the quarter, compared to the consensus estimate of $43.80 million. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.62%. Analysts forecast that ChoiceOne Financial Services will post 3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other ChoiceOne Financial Services news, Director Bradley F. Mcginnis acquired 1,000 shares of ChoiceOne Financial Services stock in a transaction dated Tuesday, March 3rd. The stock was acquired at an average cost of $29.15 per share, for a total transaction of $29,150.00. Following the completion of the transaction, the director owned 15,301 shares in the company, valued at approximately $446,024.15. This represents a 6.99% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Brian P. Petty sold 15,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $29.56, for a total value of $443,400.00. Following the completion of the transaction, the director directly owned 91,107 shares of the company’s stock, valued at $2,693,122.92. This trade represents a 14.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders purchased 9,350 shares of company stock worth $261,844. 5.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC bought a new stake in shares of ChoiceOne Financial Services during the first quarter valued at about $195,000. Empowered Funds LLC grew its position in ChoiceOne Financial Services by 8.1% in the 1st quarter. Empowered Funds LLC now owns 30,701 shares of the company’s stock valued at $883,000 after buying an additional 2,312 shares in the last quarter. Jane Street Group LLC acquired a new position in ChoiceOne Financial Services during the 1st quarter valued at about $477,000. Geode Capital Management LLC increased its stake in ChoiceOne Financial Services by 70.4% during the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock valued at $9,307,000 after buying an additional 133,999 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its position in shares of ChoiceOne Financial Services by 58.0% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,570 shares of the company’s stock worth $102,000 after buying an additional 1,311 shares in the last quarter. 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.