ChoiceOne Financial Services (NASDAQ:COFS) Announces Earnings Results

ChoiceOne Financial Services (NASDAQ:COFS) announced its earnings results on Friday. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.12, FiscalAI reports. ChoiceOne Financial Services had a net margin of 22.77% and a return on equity of 12.04%. The company had revenue of $45.19 million during the quarter, compared to analyst estimates of $44.50 million.

ChoiceOne Financial Services Stock Up 1.2%

Shares of COFS stock traded up $0.41 during trading on Friday, reaching $35.41. The company’s stock had a trading volume of 48,507 shares, compared to its average volume of 84,681. ChoiceOne Financial Services has a 1-year low of $26.63 and a 1-year high of $37.10. The stock’s 50-day moving average price is $33.35 and its 200 day moving average price is $31.47. The company has a market capitalization of $529.73 million, a price-to-earnings ratio of 9.75 and a beta of 0.61. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.87 and a quick ratio of 0.87.

ChoiceOne Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $0.29 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.3%. ChoiceOne Financial Services’s payout ratio is 31.96%.

Analysts Set New Price Targets

A number of research firms recently weighed in on COFS. Weiss Ratings reaffirmed a “buy (b)” rating on shares of ChoiceOne Financial Services in a research report on Friday, September 25th. Hovde Group boosted their target price on ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Finally, DA Davidson upped their price target on ChoiceOne Financial Services from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, ChoiceOne Financial Services has a consensus rating of “Moderate Buy” and an average target price of $36.50.

About ChoiceOne Financial Services

ChoiceOne Financial Services, Inc (NASDAQ: COFS) is the bank holding company for ChoiceOne Bank, a community banking organization headquartered in Sparta, Michigan. The company serves individuals, families, farmers and businesses through a network of branches and digital banking channels primarily across western and central Michigan.

ChoiceOne Bank provides a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and commercial lending.