Zacks Investment Management Takes $3.63 Million Position in ChoiceOne Financial Services, Inc. (NASDAQ:COFS)

Zacks Investment Management purchased a new position in ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 117,273 shares of the company's stock, valued at approximately $3,625,000. Zacks Investment Management owned approximately 1.31% of ChoiceOne Financial Services at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of COFS. Vanguard Group Inc. raised its holdings in shares of ChoiceOne Financial Services by 0.8% during the first quarter. Vanguard Group Inc. now owns 350,690 shares of the company's stock valued at $9,591,000 after acquiring an additional 2,871 shares during the period. Bank of New York Mellon Corp grew its position in 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 in the last quarter. Renaissance Technologies LLC raised its stake in ChoiceOne Financial Services by 7.3% during the 2nd quarter. Renaissance Technologies LLC now owns 19,000 shares of the company's stock valued at $544,000 after purchasing an additional 1,300 shares during the period. Mattson Financial Services LLC purchased a new stake in shares of ChoiceOne Financial Services in the second quarter valued at $47,000. Finally, Curi RMB Capital LLC acquired a new stake in shares of ChoiceOne Financial Services in the third quarter worth $2,192,000. 19.90% of the stock is owned by hedge funds and other institutional investors.

ChoiceOne Financial Services Stock Down 0.9 %

Shares of COFS stock traded down $0.32 during trading on Monday, hitting $37.19. 24,070 shares of the company were exchanged, compared to its average volume of 20,857. The business's 50-day simple moving average is $33.66 and its 200 day simple moving average is $29.95. ChoiceOne Financial Services, Inc. has a twelve month low of $21.52 and a twelve month high of $38.02. The firm has a market capitalization of $333.22 million, a price-to-earnings ratio of 11.83 and a beta of 0.71. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.74 and a current ratio of 0.74.

ChoiceOne Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.28 per share. This is a boost from ChoiceOne Financial Services's previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Friday, December 13th. ChoiceOne Financial Services's payout ratio is currently 34.07%.

Wall Street Analyst Weigh In

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

ChoiceOne Financial Services 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.