Short Interest in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Drops By 32.6%

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) saw a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 124,822 shares, a drop of 32.6% from the January 29th total of 185,187 shares. Currently, 0.9% of the company’s shares are sold short. Based on an average daily volume of 76,333 shares, the days-to-cover ratio is currently 1.6 days. Based on an average daily volume of 76,333 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.9% of the company’s shares are sold short.

ChoiceOne Financial Services Price Performance

Shares of COFS traded down $0.20 during midday trading on Tuesday, reaching $29.23. The stock had a trading volume of 27,039 shares, compared to its average volume of 85,880. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market capitalization of $439.15 million, a P/E ratio of 19.49 and a beta of 0.58. The firm’s 50 day moving average price is $29.21 and its 200-day moving average price is $29.57. ChoiceOne Financial Services has a 52 week low of $24.89 and a 52 week high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its earnings results on Friday, January 30th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.81%. The firm had revenue of $42.94 million during the quarter, compared to analysts’ expectations of $43.80 million. On average, analysts forecast that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.16 dividend on an annualized basis and a yield of 4.0%. ChoiceOne Financial Services’s dividend payout ratio is currently 77.33%.

Analyst Ratings Changes

A number of research firms have commented on COFS. Hovde Group downgraded shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. Wall Street Zen cut shares of ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, DA Davidson reaffirmed a “buy” rating and set a $36.00 target price on shares of ChoiceOne Financial Services in a report on Tuesday, February 3rd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, ChoiceOne Financial Services currently has a consensus rating of “Hold” and a consensus target price of $35.50.

Insider Buying and Selling at ChoiceOne Financial Services

In related news, Director Brian P. Petty sold 15,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $29.56, for a total transaction of $443,400.00. Following the completion of the sale, the director directly owned 91,107 shares of the company’s stock, valued at approximately $2,693,122.92. This represents a 14.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory A. Mcconnell bought 1,550 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were bought at an average price of $29.04 per share, for a total transaction of $45,012.00. Following the completion of the acquisition, the director owned 35,950 shares in the company, valued at approximately $1,043,988. This trade represents a 4.51% increase in their position. The SEC filing for this purchase provides additional information. 5.93% of the stock is owned by insiders.

Institutional Investors Weigh In On ChoiceOne Financial Services

Hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new position in ChoiceOne Financial Services during the 1st quarter worth approximately $195,000. Empowered Funds LLC grew its holdings in shares of ChoiceOne Financial Services by 8.1% during the first quarter. Empowered Funds LLC now owns 30,701 shares of the company’s stock valued at $883,000 after buying an additional 2,312 shares in the last quarter. Jane Street Group LLC acquired a new position in ChoiceOne Financial Services during the first quarter valued at $477,000. ProShare Advisors LLC purchased a new stake in ChoiceOne Financial Services in the 2nd quarter worth about $5,973,000. Finally, Geode Capital Management LLC boosted its position in ChoiceOne Financial Services by 70.4% during the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock worth $9,307,000 after acquiring an additional 133,999 shares during the period. Hedge funds and other institutional investors own 19.90% of the company’s stock.

About ChoiceOne Financial Services

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.