DA Davidson Issues Pessimistic Forecast for ChoiceOne Financial Services (NASDAQ:COFS) Stock Price

ChoiceOne Financial Services (NASDAQ:COFS) had its price target decreased by equities researchers at DA Davidson from $41.00 to $39.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s target price suggests a potential upside of 15.38% from the stock’s previous close.

ChoiceOne Financial Services Trading Down 1.0 %

NASDAQ:COFS opened at $33.80 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.74 and a quick ratio of 0.74. The business’s 50-day simple moving average is $35.61 and its 200-day simple moving average is $32.24. ChoiceOne Financial Services has a fifty-two week low of $21.52 and a fifty-two week high of $38.15. The stock has a market capitalization of $302.85 million, a PE ratio of 10.37 and a beta of 0.72.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.01. ChoiceOne Financial Services had a net margin of 19.21% and a return on equity of 12.44%. Sell-side analysts expect that ChoiceOne Financial Services will post 3.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in COFS. Fourthstone LLC acquired a new position in shares of ChoiceOne Financial Services during the 3rd quarter worth about $10,962,000. The Manufacturers Life Insurance Company bought a new stake in ChoiceOne Financial Services during the third quarter worth about $6,906,000. Geode Capital Management LLC boosted its position in ChoiceOne Financial Services by 21.2% during the third quarter. Geode Capital Management LLC now owns 187,342 shares of the company’s stock valued at $5,792,000 after purchasing an additional 32,725 shares during the last quarter. Zacks Investment Management bought a new position in ChoiceOne Financial Services in the third quarter valued at approximately $3,625,000. Finally, Jacobs Asset Management LLC acquired a new position in shares of ChoiceOne Financial Services during the 3rd quarter worth approximately $3,091,000. 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.