ChoiceOne Financial Services (NASDAQ:COFS) Posts Earnings Results, Misses Estimates By $0.05 EPS

ChoiceOne Financial Services (NASDAQ:COFS) posted its quarterly earnings results on Friday. The company reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.05), FiscalAI reports. The company had revenue of $41.64 million for the quarter, compared to the consensus estimate of $43.45 million. ChoiceOne Financial Services had a net margin of 23.07% and a return on equity of 12.31%.

ChoiceOne Financial Services Price Performance

COFS stock opened at $32.72 on Friday. ChoiceOne Financial Services has a one year low of $26.09 and a one year high of $35.40. The firm has a 50 day simple moving average of $32.54 and a two-hundred day simple moving average of $30.34. The stock has a market cap of $489.98 million, a PE ratio of 8.84 and a beta of 0.59. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.83 and a quick ratio of 0.83.

ChoiceOne Financial Services Announces Dividend

The business 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 annualized dividend and a yield of 3.5%. ChoiceOne Financial Services’s payout ratio is presently 31.35%.

Analyst Ratings Changes

Several brokerages have recently issued reports on COFS. DA Davidson raised their price target on shares of ChoiceOne Financial Services from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Weiss Ratings raised ChoiceOne Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, ChoiceOne Financial Services presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Hedge Funds Weigh In On ChoiceOne Financial Services

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Curi Capital LLC increased its position in shares of ChoiceOne Financial Services by 0.7% during the 2nd quarter. Curi Capital LLC now owns 51,537 shares of the company’s stock valued at $1,479,000 after purchasing an additional 337 shares during the last quarter. Legal & General Group Plc grew its position in 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 during the last quarter. Price T Rowe Associates Inc. MD grew its position in ChoiceOne Financial Services by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,578 shares of the company’s stock valued at $254,000 after acquiring an additional 1,041 shares during the last quarter. Deutsche Bank AG raised its stake in shares of ChoiceOne Financial Services by 11.3% during the fourth quarter. Deutsche Bank AG now owns 13,349 shares of the company’s stock worth $394,000 after acquiring an additional 1,351 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of ChoiceOne Financial Services by 7.4% in the 4th quarter. Invesco Ltd. now owns 20,099 shares of the company’s stock worth $593,000 after acquiring an additional 1,388 shares during the last quarter. 19.90% of the stock is currently owned by hedge funds and other institutional investors.

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.