The Manufacturers Life Insurance Company Buys Shares of 219,602 ChoiceOne Financial Services, Inc. $COFS

The Manufacturers Life Insurance Company purchased a new position in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 219,602 shares of the company’s stock, valued at approximately $7,466,000.

Other hedge funds have also made changes to their positions in the company. Curi Capital LLC boosted its stake in shares of ChoiceOne Financial Services by 0.7% in the second quarter. Curi Capital LLC now owns 51,537 shares of the company’s stock valued at $1,479,000 after purchasing an additional 337 shares during the period. Legal & General Group Plc increased its stake in ChoiceOne Financial Services by 74.6% during the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock worth $37,000 after buying an additional 554 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in ChoiceOne Financial Services by 13.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,578 shares of the company’s stock worth $254,000 after buying an additional 1,041 shares in the last quarter. Deutsche Bank AG lifted its holdings in ChoiceOne Financial Services by 11.3% during the 4th quarter. Deutsche Bank AG now owns 13,349 shares of the company’s stock worth $394,000 after buying an additional 1,351 shares in the last quarter. Finally, Invesco Ltd. boosted its position in ChoiceOne Financial Services by 7.4% in the 4th quarter. Invesco Ltd. now owns 20,099 shares of the company’s stock valued at $593,000 after buying an additional 1,388 shares during the period. Institutional investors and hedge funds own 19.90% of the company’s stock.

ChoiceOne Financial Services Stock Performance

COFS opened at $33.36 on Monday. ChoiceOne Financial Services, Inc. has a one year low of $26.09 and a one year high of $35.40. The company has a market cap of $499.07 million, a P/E ratio of 9.19 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.87 and a current ratio of 0.87. The business’s 50-day simple moving average is $33.65 and its 200-day simple moving average is $31.21.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings results on Friday, July 24th. The company reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05). The business had revenue of $41.64 million during the quarter, compared to analyst estimates of $43.45 million. ChoiceOne Financial Services had a net margin of 22.77% and a return on equity of 12.04%. As a group, equities research analysts expect that ChoiceOne Financial Services, Inc. will post 3.63 EPS for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, September 15th. ChoiceOne Financial Services’s dividend payout ratio is currently 31.96%.

Analyst Upgrades and Downgrades

Several research firms have commented on COFS. DA Davidson boosted their price target on shares of ChoiceOne Financial Services from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings upgraded ChoiceOne Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. Finally, Hovde Group boosted their target price on ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.50.

ChoiceOne Financial Services 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.