Insider Buying: ChoiceOne Financial Services (NASDAQ:COFS) Director Acquires $137,500.00 in Stock

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Eric Burrough bought 5,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average cost of $27.50 per share, with a total value of $137,500.00. Following the acquisition, the director directly owned 180,397 shares of the company’s stock, valued at approximately $4,960,917.50. This represents a 2.85% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ChoiceOne Financial Services Trading Down 1.7%

Shares of ChoiceOne Financial Services stock opened at $27.25 on Friday. 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 firm has a 50-day moving average of $28.92 and a 200-day moving average of $29.45. ChoiceOne Financial Services, Inc. has a 52-week low of $24.89 and a 52-week high of $35.40. The stock has a market cap of $409.30 million, a PE ratio of 18.17 and a beta of 0.58.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings results on Friday, January 30th. The company reported $0.92 EPS 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 business had revenue of $42.94 million for the quarter, compared to analyst estimates of $43.80 million. As a group, sell-side analysts forecast that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current year.

ChoiceOne Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.16 annualized dividend and a dividend yield of 4.3%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is currently 77.33%.

Institutional Trading of ChoiceOne Financial Services

Several institutional investors and hedge funds have recently modified their holdings of COFS. ProShare Advisors LLC acquired a new stake in ChoiceOne Financial Services in the second quarter valued at about $5,973,000. Geode Capital Management LLC raised its stake in 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 acquiring an additional 133,999 shares in the last quarter. Jane Street Group LLC raised its stake in ChoiceOne Financial Services by 556.4% during the fourth quarter. Jane Street Group LLC now owns 146,782 shares of the company’s stock worth $4,333,000 after acquiring an additional 124,419 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of ChoiceOne Financial Services by 210.1% in the fourth quarter. Marshall Wace LLP now owns 134,461 shares of the company’s stock worth $3,969,000 after acquiring an additional 91,100 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of ChoiceOne Financial Services by 60.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 202,911 shares of the company’s stock worth $5,990,000 after acquiring an additional 76,226 shares during the last quarter. 19.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. Hovde Group lowered ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. DA Davidson reaffirmed a “buy” rating and issued a $36.00 price objective on shares of ChoiceOne Financial Services in a report on Tuesday, February 3rd. Finally, Wall Street Zen upgraded ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research report on Saturday. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $36.00.

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.