Hovde Group Forecasts Strong Price Appreciation for ChoiceOne Financial Services (NASDAQ:COFS) Stock

ChoiceOne Financial Services (NASDAQ:COFS) had its price objective lifted by Hovde Group from $32.00 to $35.00 in a research note issued to investors on Monday. The firm currently has a “market perform” rating on the stock. Hovde Group’s target price indicates a potential upside of 6.97% from the company’s current price.

Other equities research analysts have also issued reports about the company. Weiss Ratings upgraded ChoiceOne Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. DA Davidson boosted their price target on ChoiceOne Financial Services from $32.00 to $34.00 and gave the company a “buy” rating in a report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.50.

ChoiceOne Financial Services Price Performance

Shares of NASDAQ:COFS opened at $32.72 on Monday. The firm’s 50 day moving average price is $32.54 and its 200-day moving average price is $30.35. ChoiceOne Financial Services has a twelve month low of $26.09 and a twelve month high of $35.40. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $490.15 million, a PE ratio of 9.01 and a beta of 0.59.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its earnings results on Friday, July 24th. The company reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.05). ChoiceOne Financial Services had a net margin of 22.77% and a return on equity of 12.18%. The business had revenue of $41.64 million for the quarter, compared to the consensus estimate of $43.45 million. Equities research analysts expect that ChoiceOne Financial Services will post 3.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc lifted 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 worth $37,000 after buying an additional 554 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in shares of ChoiceOne Financial Services in the third quarter worth about $46,000. Tower Research Capital LLC TRC boosted its stake in ChoiceOne Financial Services by 617.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company’s stock valued at $65,000 after buying an additional 1,945 shares during the last quarter. SG Americas Securities LLC purchased a new position in ChoiceOne Financial Services during the 4th quarter valued at approximately $185,000. Finally, Quantbot Technologies LP purchased a new stake in shares of ChoiceOne Financial Services during the 2nd quarter worth approximately $191,000. 19.90% of the stock is currently owned by 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.