ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Sees Significant Increase in Short Interest

ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 208,000 shares, an increase of 35.5% from the September 15th total of 153,500 shares. Based on an average daily trading volume, of 31,000 shares, the days-to-cover ratio is currently 6.7 days.

ChoiceOne Financial Services Trading Up 1.3 %

NASDAQ COFS traded up $0.41 during trading on Tuesday, reaching $30.90. 49,647 shares of the stock traded hands, compared to its average volume of 18,665. The firm has a market cap of $233.94 million, a price-to-earnings ratio of 11.00 and a beta of 0.70. The stock's 50-day moving average price is $29.60 and its 200 day moving average price is $27.35. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 1.15. ChoiceOne Financial Services has a fifty-two week low of $15.84 and a fifty-two week high of $32.26.

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

ChoiceOne Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend was Friday, September 13th. ChoiceOne Financial Services's dividend payout ratio (DPR) is presently 38.43%.

Insider Transactions at ChoiceOne Financial Services

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in COFS. Mattson Financial Services LLC acquired a new position in shares of ChoiceOne Financial Services in the second quarter valued at approximately $47,000. CWM LLC lifted its position in shares of ChoiceOne Financial Services by 33.8% in the first 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 lifted its position in shares of ChoiceOne Financial Services by 7.3% in the second quarter. Renaissance Technologies LLC now owns 19,000 shares of the company's stock worth $544,000 after purchasing an additional 1,300 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of ChoiceOne Financial Services by 7.0% in the second 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 in the last quarter. Finally, Empowered Funds LLC lifted its position in shares of ChoiceOne Financial Services by 7.9% in the first quarter. Empowered Funds LLC now owns 23,920 shares of the company's stock worth $654,000 after purchasing an additional 1,750 shares in the last quarter. Institutional investors and hedge funds own 19.90% of the company's stock.

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.