ChoiceOne Financial Services (NASDAQ:COFS) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

ChoiceOne Financial Services (NASDAQ:COFS) issued its quarterly earnings results on Wednesday. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01, FiscalAI reports. The company had revenue of $42.94 million for the quarter, compared to the consensus estimate of $43.80 million. ChoiceOne Financial Services had a return on equity of 11.52% and a net margin of 10.57%.

ChoiceOne Financial Services Price Performance

Shares of ChoiceOne Financial Services stock traded down $0.40 during midday trading on Friday, reaching $29.16. The company had a trading volume of 27,457 shares, compared to its average volume of 74,787. 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 stock has a fifty day simple moving average of $29.99 and a 200 day simple moving average of $29.57. ChoiceOne Financial Services has a 1-year low of $24.89 and a 1-year high of $35.40. The company has a market capitalization of $437.98 million, a price-to-earnings ratio of 21.29 and a beta of 0.61.

ChoiceOne Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.16 dividend on an annualized basis and a yield of 4.0%. This is an increase from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. ChoiceOne Financial Services’s payout ratio is currently 84.67%.

Insider Activity

In other news, Director Eric E. Burrough acquired 5,000 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was purchased at an average cost of $28.50 per share, for a total transaction of $142,500.00. Following the completion of the transaction, the director directly owned 174,833 shares in the company, valued at $4,982,740.50. This trade represents a 2.94% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.93% of the stock is owned by company insiders.

Institutional Trading of ChoiceOne Financial Services

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

Analysts Set New Price Targets

Several equities analysts have commented on COFS shares. Weiss Ratings reaffirmed 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 report on Wednesday, January 7th. Finally, Wall Street Zen upgraded shares of ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research note on Sunday, December 21st. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $35.00.

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.