Insider Buying: ChoiceOne Financial Services (NASDAQ:COFS) Director Acquires $29,337.00 in Stock

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Gregory Mcconnell bought 1,050 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was acquired at an average cost of $27.94 per share, for a total transaction of $29,337.00. Following the acquisition, the director directly owned 37,000 shares of the company’s stock, valued at $1,033,780. The trade was a 2.92% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

ChoiceOne Financial Services Stock Down 1.2%

ChoiceOne Financial Services stock opened at $27.69 on Thursday. The stock has a market cap of $416.01 million, a PE ratio of 18.46 and a beta of 0.58. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.84 and a quick ratio of 0.83. The stock’s fifty day moving average is $28.99 and its two-hundred day moving average is $29.50. ChoiceOne Financial Services, Inc. has a 1-year low of $24.89 and a 1-year high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings data 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. ChoiceOne Financial Services had a return on equity of 11.81% and a net margin of 12.38%.The business had revenue of $42.94 million during the quarter, compared to analysts’ expectations of $43.80 million. On average, sell-side analysts expect that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. Hovde Group cut shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Finally, DA Davidson restated a “buy” rating and issued a $36.00 price objective on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $36.00.

Institutional Trading of ChoiceOne Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of the business. Curi Capital LLC grew its position in ChoiceOne Financial Services by 0.7% during the 2nd quarter. Curi Capital LLC now owns 51,537 shares of the company’s stock worth $1,479,000 after purchasing an additional 337 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of ChoiceOne Financial Services by 74.6% in the second quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock valued at $37,000 after buying an additional 554 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of ChoiceOne Financial Services by 153.2% during the second quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock worth $42,000 after buying an additional 884 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 worth $254,000 after buying an additional 1,041 shares during the last quarter. Finally, Jones Financial Companies Lllp purchased a new position in shares of ChoiceOne Financial Services during the third quarter worth about $32,000. Hedge funds and other 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.