Insider Buying: ChoiceOne Financial Services (NASDAQ:COFS) Director Acquires 5,000 Shares of Stock

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Eric Burrough bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was bought at an average cost of $27.50 per share, for a total transaction of $137,500.00. Following the completion of the acquisition, the director owned 180,397 shares in the company, valued at $4,960,917.50. This trade represents a 2.85% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

ChoiceOne Financial Services Stock Performance

NASDAQ COFS traded down $0.00 on Thursday, hitting $27.69. 63,606 shares of the company traded hands, compared to its average volume of 89,423. The business’s 50 day moving average price is $28.99 and its 200-day moving average price is $29.50. ChoiceOne Financial Services, Inc. has a 52-week low of $24.89 and a 52-week high of $35.40. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $415.98 million, a price-to-earnings ratio of 18.46 and a beta of 0.58.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its quarterly earnings results on Friday, January 30th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates 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. Equities analysts expect that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The company also recently announced 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 annualized dividend 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 currently 77.33%.

Analyst Ratings Changes

A number of equities analysts have weighed in on COFS shares. Weiss Ratings reiterated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. Hovde Group downgraded shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Wall Street Zen cut 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 issued a $36.00 price target on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.00.

Institutional Investors Weigh In On ChoiceOne Financial Services

A number of institutional investors have recently added to or reduced their stakes in COFS. Cubist Systematic Strategies LLC bought a new stake in shares of ChoiceOne Financial Services during the first quarter valued at approximately $195,000. Empowered Funds LLC lifted its position in ChoiceOne Financial Services by 8.1% during the first quarter. Empowered Funds LLC now owns 30,701 shares of the company’s stock valued at $883,000 after purchasing an additional 2,312 shares during the last quarter. Jane Street Group LLC purchased a new position in ChoiceOne Financial Services in the first quarter worth about $477,000. ProShare Advisors LLC purchased a new position in shares of ChoiceOne Financial Services in the 2nd quarter worth approximately $5,973,000. Finally, Geode Capital Management LLC raised its holdings in ChoiceOne Financial Services by 70.4% during the 2nd 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 period. 19.90% of the stock is 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.