ChoiceOne Financial Services (NASDAQ:COFS) Now Covered by DA Davidson

DA Davidson initiated coverage on shares of ChoiceOne Financial Services (NASDAQ:COFS - Free Report) in a research note issued to investors on Friday, MarketBeat reports. The brokerage issued a buy rating and a $37.00 price target on the stock.

ChoiceOne Financial Services Stock Performance

Shares of COFS stock remained flat at $31.84 during trading hours on Friday. The stock had a trading volume of 45,329 shares, compared to its average volume of 19,038. ChoiceOne Financial Services has a 1-year low of $15.84 and a 1-year high of $32.36. The business's fifty day moving average price is $29.80 and its 200 day moving average price is $27.41. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.15. The stock has a market cap of $241.06 million, a P/E ratio of 11.33 and a beta of 0.70.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. ChoiceOne Financial Services had a return on equity of 11.35% and a net margin of 17.61%. The company had revenue of $22.45 million during the quarter, compared to analysts' expectations of $21.60 million. Equities analysts anticipate that ChoiceOne Financial Services will post 3.06 EPS for the current year.

ChoiceOne Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.27 per share. The ex-dividend date was Friday, September 13th. This represents a $1.08 dividend on an annualized basis and a yield of 3.39%. ChoiceOne Financial Services's payout ratio is 38.43%.

Insider Transactions at ChoiceOne Financial Services

In other news, CEO Kelly Potes purchased 2,000 shares of the company's stock in a transaction on Thursday, July 25th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the purchase, the chief executive officer now owns 40,133 shares in the company, valued at $1,003,325. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ChoiceOne Financial Services news, President Michael J. Burke, Jr. acquired 1,000 shares of the business's stock in a transaction dated Friday, August 2nd. The shares were purchased at an average price of $27.25 per share, for a total transaction of $27,250.00. Following the completion of the purchase, the president now directly owns 2,000 shares of the company's stock, valued at $54,500. The trade was a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kelly Potes bought 2,000 shares of the firm's stock in a transaction that occurred on Thursday, July 25th. The shares were acquired at an average price of $25.00 per share, with a total value of $50,000.00. Following the completion of the transaction, the chief executive officer now directly owns 40,133 shares of the company's stock, valued at $1,003,325. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 5,900 shares of company stock worth $154,085. Company insiders own 7.92% of the company's stock.

Institutional Investors Weigh In On ChoiceOne Financial Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mattson Financial Services LLC purchased a new stake in shares of ChoiceOne Financial Services in the second quarter worth about $47,000. CWM LLC boosted its position in ChoiceOne Financial Services by 33.8% in the 1st quarter. CWM LLC now owns 4,798 shares of the company's stock worth $131,000 after purchasing an additional 1,211 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of ChoiceOne Financial Services by 7.3% during the 2nd quarter. Renaissance Technologies LLC now owns 19,000 shares of the company's stock worth $544,000 after purchasing an additional 1,300 shares during the period. Bank of New York Mellon Corp grew its stake in shares of ChoiceOne Financial Services by 7.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 21,720 shares of the company's stock worth $622,000 after purchasing an additional 1,425 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of ChoiceOne Financial Services by 7.9% during the 1st quarter. Empowered Funds LLC now owns 23,920 shares of the company's stock valued at $654,000 after purchasing an additional 1,750 shares in the last quarter. 19.90% of the stock is owned by institutional investors and hedge funds.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc operates as the bank holding company for ChoiceOne Bank that provides banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits, safe deposit, and automated transaction machine services.