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

DA Davidson began coverage on shares of ChoiceOne Financial Services (NASDAQ:COFS) in a research note published on Friday morning, Marketbeat.com reports. The firm issued a buy rating and a $37.00 target price on the stock.

ChoiceOne Financial Services Trading Down 2.9 %

Shares of ChoiceOne Financial Services stock opened at $30.92 on Friday. The firm has a market cap of $234.10 million, a price-to-earnings ratio of 11.00 and a beta of 0.70. ChoiceOne Financial Services has a twelve month low of $15.84 and a twelve month high of $32.36. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 1.15. The business has a 50-day moving average price of $29.90 and a 200-day moving average price of $27.46.

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

ChoiceOne Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.27 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.08 annualized dividend and a yield of 3.49%. ChoiceOne Financial Services’s dividend payout ratio is currently 38.43%.

Insider Buying and Selling

In related news, CEO Kelly Potes purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $26.73 per share, for a total transaction of $53,460.00. Following the completion of the transaction, the chief executive officer now owns 5,000 shares in the company, valued at approximately $133,650. The trade was a 0.00 % increase in their position. 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 on Monday, August 5th. The stock was acquired at an average price of $26.73 per share, with a total value of $53,460.00. Following the completion of the purchase, the chief executive officer now directly owns 5,000 shares in the company, valued at approximately $133,650. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 on Friday, August 2nd. The stock was purchased at an average cost of $27.25 per share, with a total value of $27,250.00. Following the purchase, the president now 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 disclosure for this purchase can be found here. Over the last quarter, insiders purchased 5,900 shares of company stock worth $154,085. Corporate insiders own 7.92% of the company’s stock.

Institutional Trading of ChoiceOne Financial Services

Several institutional investors and hedge funds have recently modified their holdings of COFS. CWM LLC raised its stake in shares of ChoiceOne Financial Services by 33.8% during the first quarter. CWM LLC now owns 4,798 shares of the company’s stock valued at $131,000 after acquiring an additional 1,211 shares in the last quarter. Empowered Funds LLC raised its stake in 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 buying an additional 1,750 shares in the last quarter. Vanguard Group Inc. raised its stake in ChoiceOne Financial Services by 0.8% in the first quarter. Vanguard Group Inc. now owns 350,690 shares of the company’s stock worth $9,591,000 after buying an additional 2,871 shares in the last quarter. Bank of New York Mellon Corp raised its stake in 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 buying an additional 1,425 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in 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 buying an additional 1,300 shares in the last quarter. Institutional investors own 19.90% of the company’s stock.

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.