ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Update

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 200,550 shares, a growth of 76.5% from the February 26th total of 113,635 shares. Based on an average trading volume of 104,655 shares, the short-interest ratio is currently 1.9 days. Currently, 1.4% of the company’s stock are sold short.

ChoiceOne Financial Services Stock Performance

COFS opened at $27.22 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.67. ChoiceOne Financial Services has a 12-month low of $24.89 and a 12-month high of $35.40. The firm has a 50 day moving average of $28.73 and a two-hundred day moving average of $29.23. The firm has a market capitalization of $407.76 million, a PE ratio of 18.15 and a beta of 0.58.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings data on Friday, January 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.62%. The business had revenue of $42.94 million for the quarter, compared to the consensus estimate of $43.80 million. On average, analysts anticipate that ChoiceOne Financial Services will post 3.67 EPS for the current year.

ChoiceOne Financial Services Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on COFS shares. Weiss Ratings reissued a “hold (c)” rating on shares of ChoiceOne Financial Services in a report 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. Wall Street Zen cut ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. Finally, DA Davidson reiterated a “buy” rating and set a $36.00 price target on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $36.00.

Insider Activity at ChoiceOne Financial Services

In related news, Director Brian P. Petty sold 15,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $29.56, for a total value of $443,400.00. Following the completion of the transaction, the director directly owned 91,107 shares of the company’s stock, valued at $2,693,122.92. This trade represents a 14.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric E. Burrough bought 5,000 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was bought at an average price of $27.50 per share, with a total value of $137,500.00. Following the completion of the purchase, the director directly owned 180,397 shares in the company, valued at $4,960,917.50. This represents a 2.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 9,350 shares of company stock worth $261,844. 5.93% of the stock is owned by insiders.

Hedge Funds Weigh In On ChoiceOne Financial Services

Institutional investors have recently modified their holdings of the stock. Curi Capital LLC lifted its holdings in shares of ChoiceOne Financial Services by 0.7% in the 2nd quarter. Curi Capital LLC now owns 51,537 shares of the company’s stock valued at $1,479,000 after buying an additional 337 shares during the period. Legal & General Group Plc raised its position in ChoiceOne Financial Services by 74.6% during the second quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock valued at $37,000 after acquiring an additional 554 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in ChoiceOne Financial Services by 153.2% during the second quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock valued at $42,000 after acquiring an additional 884 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in ChoiceOne Financial Services by 13.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,578 shares of the company’s stock valued at $254,000 after acquiring an additional 1,041 shares during the period. Finally, Jones Financial Companies Lllp acquired a new position in ChoiceOne Financial Services in the third quarter valued at approximately $32,000. Hedge funds and other institutional investors own 19.90% of the company’s stock.

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.