ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Update

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totaling 219,601 shares, a growth of 52.6% from the December 31st total of 143,866 shares. Based on an average daily volume of 79,143 shares, the days-to-cover ratio is currently 2.8 days. Approximately 1.6% of the shares of the company are sold short. Approximately 1.6% of the shares of the company are sold short. Based on an average daily volume of 79,143 shares, the days-to-cover ratio is currently 2.8 days.

Analysts Set New Price Targets

A number of brokerages recently weighed in on COFS. Wall Street Zen downgraded ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a report on Saturday. Hovde Group lowered ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.00.

ChoiceOne Financial Services Stock Down 2.9%

NASDAQ COFS traded down $0.87 during trading hours on Friday, hitting $28.69. 88,473 shares of the company were exchanged, compared to its average volume of 74,776. ChoiceOne Financial Services has a 52-week low of $24.89 and a 52-week high of $35.40. The company has a 50 day moving average of $29.97 and a two-hundred day moving average of $29.57. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.55. The firm has a market cap of $430.92 million, a price-to-earnings ratio of 19.13 and a beta of 0.58.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its earnings results on Friday, January 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.81%. The business had revenue of $42.94 million for the quarter, compared to analyst estimates of $43.80 million. Equities research analysts anticipate that ChoiceOne Financial Services will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a $0.29 dividend. The ex-dividend date of this dividend was Monday, December 15th. This is a positive change from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 4.0%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is currently 84.67%.

Insider Activity

In other news, Director Eric E. Burrough acquired 5,000 shares of ChoiceOne Financial Services stock in a transaction dated Monday, November 17th. The shares were bought at an average cost of $28.50 per share, with a total value of $142,500.00. Following the purchase, the director owned 174,833 shares in the company, valued at $4,982,740.50. This trade represents a 2.94% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.93% of the company’s stock.

Institutional Trading of ChoiceOne Financial Services

Institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new position in shares of ChoiceOne Financial Services during the 1st quarter worth $195,000. Empowered Funds LLC increased its holdings in shares of ChoiceOne Financial Services by 8.1% during the 1st quarter. Empowered Funds LLC now owns 30,701 shares of the company’s stock worth $883,000 after purchasing an additional 2,312 shares during the period. Jane Street Group LLC bought a new stake in ChoiceOne Financial Services in the 1st quarter valued at $477,000. CWM LLC boosted its stake in ChoiceOne Financial Services by 6.0% in the 2nd quarter. CWM LLC now owns 8,223 shares of the company’s stock valued at $236,000 after buying an additional 466 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of ChoiceOne Financial Services in the second quarter valued at approximately $5,973,000. 19.90% of the stock is owned by institutional investors and hedge funds.

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.