223,414 Shares in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new position in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 223,414 shares of the company's stock, valued at approximately $6,906,000. The Manufacturers Life Insurance Company owned approximately 2.49% of ChoiceOne Financial Services as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in ChoiceOne Financial Services by 21.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 22,443 shares of the company's stock worth $694,000 after acquiring an additional 3,986 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in ChoiceOne Financial Services during the third quarter worth $1,093,000. Empowered Funds LLC increased its stake in ChoiceOne Financial Services by 5.2% during the third quarter. Empowered Funds LLC now owns 27,060 shares of the company's stock worth $836,000 after acquiring an additional 1,340 shares during the last quarter. Curi RMB Capital LLC acquired a new stake in ChoiceOne Financial Services during the third quarter worth $2,192,000. Finally, Mattson Financial Services LLC acquired a new stake in ChoiceOne Financial Services during the second quarter worth $47,000. Hedge funds and other institutional investors own 19.90% of the company's stock.

Analysts Set New Price Targets

Separately, DA Davidson started coverage on ChoiceOne Financial Services in a research note on Friday, October 18th. They set a "buy" rating and a $37.00 target price for the company.

ChoiceOne Financial Services Trading Up 1.6 %

Shares of NASDAQ COFS traded up $0.61 during trading on Thursday, reaching $37.71. The stock had a trading volume of 19,560 shares, compared to its average volume of 20,807. ChoiceOne Financial Services, Inc. has a fifty-two week low of $21.52 and a fifty-two week high of $37.94. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.74 and a current ratio of 0.74. The business's 50-day moving average price is $33.38 and its 200-day moving average price is $29.79. The company has a market cap of $337.88 million, a P/E ratio of 11.70 and a beta of 0.71.

ChoiceOne Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.97%. This is a boost from ChoiceOne Financial Services's previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, December 13th. ChoiceOne Financial Services's payout ratio is presently 34.07%.

About ChoiceOne Financial Services

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.