Short Interest in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Expands By 76.5%

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) saw a large increase in short interest in March. As of March 13th, there was short interest totaling 200,550 shares, an increase of 76.5% from the February 26th total of 113,635 shares. Based on an average trading volume of 104,655 shares, the short-interest ratio is currently 1.9 days. Currently, 1.4% of the company’s stock are sold short.

Insider Buying and Selling at ChoiceOne Financial Services

In other ChoiceOne Financial Services news, Director Bradley F. Mcginnis purchased 1,000 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was purchased at an average price of $29.15 per share, with a total value of $29,150.00. Following the transaction, the director owned 15,301 shares of the company’s stock, valued at approximately $446,024.15. This trade represents a 6.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric E. Burrough acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average price of $27.50 per share, for a total transaction of $137,500.00. Following the completion of the purchase, the director owned 180,397 shares of the company’s stock, valued at approximately $4,960,917.50. This represents a 2.85% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 9,350 shares of company stock worth $261,844. Company insiders own 5.93% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in ChoiceOne Financial Services by 70.4% in the second 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 last quarter. Squarepoint Ops LLC grew its stake in shares of ChoiceOne Financial Services by 128.1% during the second quarter. Squarepoint Ops LLC now owns 34,301 shares of the company’s stock worth $984,000 after acquiring an additional 19,263 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in shares of ChoiceOne Financial Services by 25.1% during the second quarter. Kennedy Capital Management LLC now owns 33,982 shares of the company’s stock valued at $975,000 after acquiring an additional 6,817 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of ChoiceOne Financial Services by 74.6% during the second quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock valued at $37,000 after acquiring an additional 554 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of ChoiceOne Financial Services by 22.9% in the 4th quarter. Hsbc Holdings PLC now owns 26,903 shares of the company’s stock valued at $790,000 after purchasing an additional 5,017 shares during the last quarter. 19.90% of the stock is owned by institutional investors and hedge funds.

ChoiceOne Financial Services Stock Down 0.1%

NASDAQ:COFS traded down $0.02 during midday trading on Friday, reaching $27.63. 2,251 shares of the stock traded hands, compared to its average volume of 85,372. ChoiceOne Financial Services has a 12-month low of $24.89 and a 12-month high of $35.40. The business has a 50-day moving average of $28.75 and a two-hundred day moving average of $29.26. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market capitalization of $413.89 million, a PE ratio of 18.42 and a beta of 0.58.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings results on Friday, January 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $42.94 million for the quarter, compared to analyst estimates of $43.80 million. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.62%. On average, equities analysts forecast that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.29 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.2%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is presently 77.33%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Wall Street Zen lowered ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. Hovde Group lowered ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Weiss Ratings restated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. Finally, DA Davidson reaffirmed a “buy” rating and set a $36.00 price objective on shares of ChoiceOne Financial Services in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, ChoiceOne Financial Services presently has a consensus rating of “Hold” and an average price target of $36.00.

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.