ChoiceOne Financial Services (NASDAQ:COFS) Issues Quarterly Earnings Results

ChoiceOne Financial Services (NASDAQ:COFS) released its earnings results on Friday. The company reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05), FiscalAI reports. The company had revenue of $41.64 million during the quarter, compared to analysts’ expectations of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.31% and a net margin of 23.07%.

ChoiceOne Financial Services Stock Performance

NASDAQ:COFS opened at $32.72 on Friday. The firm has a market capitalization of $490.15 million, a PE ratio of 9.01 and a beta of 0.59. ChoiceOne Financial Services has a 1 year low of $26.09 and a 1 year high of $35.40. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.50. The firm’s fifty day simple moving average is $32.54 and its 200 day simple moving average is $30.34.

ChoiceOne Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.29 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.16 dividend on an annualized basis and a yield of 3.5%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is presently 31.35%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in shares of ChoiceOne Financial Services by 13.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,578 shares of the company’s stock valued at $254,000 after acquiring an additional 1,041 shares during the period. HRT Financial LP bought a new position in ChoiceOne Financial Services during the fourth quarter worth $308,000. Brevan Howard Capital Management LP bought a new position in ChoiceOne Financial Services during the third quarter worth $334,000. BNP Paribas Financial Markets raised its stake in ChoiceOne Financial Services by 617.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,724 shares of the company’s stock valued at $282,000 after purchasing an additional 8,369 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in ChoiceOne Financial Services by 227.7% in the 2nd quarter. Osaic Holdings Inc. now owns 11,513 shares of the company’s stock valued at $330,000 after purchasing an additional 8,000 shares during the period. Institutional investors and hedge funds own 19.90% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of ChoiceOne Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. DA Davidson increased their price objective on ChoiceOne Financial Services from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.00.

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.