Short Interest in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Drops By 34.6%

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the recipient of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totaling 143,866 shares, a decrease of 34.6% from the December 15th total of 220,050 shares. Currently, 1.0% of the company’s shares are sold short. Based on an average daily volume of 122,657 shares, the days-to-cover ratio is presently 1.2 days. Based on an average daily volume of 122,657 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.0% of the company’s shares are sold short.

ChoiceOne Financial Services Stock Down 0.0%

Shares of COFS stock traded down $0.01 on Friday, hitting $28.65. The stock had a trading volume of 27,485 shares, compared to its average volume of 75,010. ChoiceOne Financial Services has a 52-week low of $24.89 and a 52-week high of $35.40. The firm has a market capitalization of $430.25 million, a price-to-earnings ratio of 20.91 and a beta of 0.61. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.84. The stock’s 50 day moving average is $30.05 and its 200-day moving average is $29.64.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings data on Friday, October 24th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.11. ChoiceOne Financial Services had a net margin of 10.57% and a return on equity of 11.52%. The company had revenue of $44.74 million during the quarter, compared to analysts’ expectations of $42.15 million. As a group, research analysts expect that ChoiceOne Financial Services will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, December 15th. This is a positive change from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. ChoiceOne Financial Services’s dividend payout ratio is currently 84.67%.

Insiders Place Their Bets

In other ChoiceOne Financial Services news, Director Eric E. Burrough purchased 5,000 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were purchased at an average cost of $28.50 per share, with a total value of $142,500.00. Following the purchase, the director owned 174,833 shares in the company, valued at approximately $4,982,740.50. This represents a 2.94% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 5.93% of the company’s stock.

Hedge Funds Weigh In On ChoiceOne Financial Services

Several large investors have recently modified their holdings of COFS. ProShare Advisors LLC acquired a new stake in shares of ChoiceOne Financial Services in the 2nd quarter worth about $5,973,000. Geode Capital Management LLC boosted its position in shares of ChoiceOne Financial Services by 70.4% during the second quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock worth $9,307,000 after buying an additional 133,999 shares during the period. Two Sigma Investments LP grew its holdings in ChoiceOne Financial Services by 204.2% in the 3rd quarter. Two Sigma Investments LP now owns 97,963 shares of the company’s stock worth $2,837,000 after buying an additional 65,764 shares in the last quarter. First Trust Advisors LP increased its position in ChoiceOne Financial Services by 427.1% in the 3rd quarter. First Trust Advisors LP now owns 50,990 shares of the company’s stock valued at $1,477,000 after acquiring an additional 41,317 shares during the period. Finally, Squarepoint Ops LLC raised its stake in ChoiceOne Financial Services by 95.0% during the 3rd quarter. Squarepoint Ops LLC now owns 66,898 shares of the company’s stock valued at $1,937,000 after acquiring an additional 32,597 shares in the last quarter. Institutional investors own 19.90% of the company’s stock.

Analyst Ratings Changes

COFS has been the subject of a number of research analyst reports. Hovde Group downgraded shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Wall Street Zen raised shares of ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research note on Sunday, December 21st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $37.00.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc is a bank holding company headquartered in Jackson, Michigan. Through its subsidiary, ChoiceOne Bank, it provides a full suite of banking and financial services to individuals, families, and businesses. The company’s primary operations are concentrated in community banking, spanning retail deposits, commercial and consumer lending, mortgage origination, and treasury management solutions.

ChoiceOne Bank offers checking and savings accounts, certificates of deposit, and online and mobile banking platforms designed to meet the needs of its customers.