ChoiceOne Financial Services (NASDAQ:COFS) Rating Lowered to “Hold” at Wall Street Zen

ChoiceOne Financial Services (NASDAQ:COFS) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

A number of other research firms have also recently issued reports on COFS. DA Davidson reiterated a “buy” rating and set a $36.00 price objective on shares of ChoiceOne Financial Services in a research report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. Finally, Hovde Group downgraded shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.00.

ChoiceOne Financial Services Price Performance

Shares of COFS stock opened at $27.88 on Friday. The business has a fifty day simple moving average of $28.78 and a 200 day simple moving average of $29.30. The company has a market cap of $417.64 million, a P/E ratio of 18.59 and a beta of 0.58. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.67. ChoiceOne Financial Services has a twelve month low of $24.89 and a twelve month high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its earnings results on Friday, January 30th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. ChoiceOne Financial Services had a return on equity of 11.62% and a net margin of 12.38%.The firm had revenue of $42.94 million during the quarter, compared to the consensus estimate of $43.80 million. On average, sell-side analysts forecast that ChoiceOne Financial Services will post 3.67 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Bradley F. Mcginnis purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was bought at an average price of $29.15 per share, with a total value of $29,150.00. Following the completion of the purchase, the director owned 15,301 shares in the company, valued at approximately $446,024.15. This represents a 6.99% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric E. Burrough acquired 5,000 shares of the business’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 purchase, the director owned 180,397 shares of the company’s stock, valued at $4,960,917.50. This trade represents a 2.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 9,350 shares of company stock worth $261,844. Corporate insiders own 5.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings 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 valued at $9,307,000 after buying an additional 133,999 shares during the period. Squarepoint Ops LLC grew its holdings in ChoiceOne Financial Services by 128.1% during the 2nd quarter. Squarepoint Ops LLC now owns 34,301 shares of the company’s stock worth $984,000 after acquiring an additional 19,263 shares during the period. Ameritas Investment Partners Inc. raised its position in shares of ChoiceOne Financial Services by 153.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock worth $42,000 after acquiring an additional 884 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of ChoiceOne Financial Services in the 2nd quarter worth about $209,000. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in shares of ChoiceOne Financial Services by 58.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,570 shares of the company’s stock valued at $102,000 after purchasing an additional 1,311 shares during the period. Institutional investors and hedge funds own 19.90% of the company’s stock.

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.