Analysts Set ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Target Price at $35.50

Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) have earned a consensus recommendation of “Hold” from the five research firms that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $35.50.

Several research analysts recently commented on the stock. Hovde Group downgraded shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Weiss Ratings reissued a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Wednesday, January 21st. Wall Street Zen downgraded shares of ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, DA Davidson reiterated a “buy” rating and set a $36.00 target price on shares of ChoiceOne Financial Services in a report on Tuesday, February 3rd.

ChoiceOne Financial Services Stock Down 1.8%

COFS opened at $29.78 on Thursday. The company has a market cap of $447.30 million, a P/E ratio of 19.85 and a beta of 0.58. The business’s 50-day moving average price is $29.93 and its 200-day moving average price is $29.61. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. ChoiceOne Financial Services has a 12 month low of $24.89 and a 12 month high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its earnings results on Friday, January 30th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $42.94 million during the quarter, compared to analysts’ expectations of $43.80 million. ChoiceOne Financial Services had a return on equity of 11.81% and a net margin of 12.38%. On average, equities analysts expect that ChoiceOne Financial Services will post 3.67 EPS for the current year.

ChoiceOne Financial Services Increases Dividend

The firm also recently disclosed 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 was Monday, December 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.9%. This is an increase from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. ChoiceOne Financial Services’s dividend payout ratio is 77.33%.

Insider Activity

In other ChoiceOne Financial Services news, Director Eric E. Burrough bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average price of $28.50 per share, for a total transaction of $142,500.00. Following the completion of the acquisition, the director directly owned 174,833 shares in the company, valued at $4,982,740.50. The trade was 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. Company insiders own 5.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in COFS. ProShare Advisors LLC purchased a new stake in shares of ChoiceOne Financial Services in the 2nd quarter worth about $5,973,000. 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 worth $9,307,000 after buying an additional 133,999 shares in the last quarter. Two Sigma Investments LP lifted its holdings in ChoiceOne Financial Services by 204.2% in the third quarter. Two Sigma Investments LP now owns 97,963 shares of the company’s stock worth $2,837,000 after buying an additional 65,764 shares during the period. First Trust Advisors LP boosted its position in ChoiceOne Financial Services by 427.1% during the 3rd quarter. First Trust Advisors LP now owns 50,990 shares of the company’s stock valued at $1,477,000 after acquiring an additional 41,317 shares in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in shares of ChoiceOne Financial Services by 95.0% during the 3rd quarter. Squarepoint Ops LLC now owns 66,898 shares of the company’s stock worth $1,937,000 after acquiring an additional 32,597 shares during the period. 19.90% of the stock is owned by hedge funds and other institutional investors.

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.