ChoiceOne Financial Services (NASDAQ:COFS) Director Bradley Mcginnis Buys 1,000 Shares

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Bradley Mcginnis purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was acquired at an average price of $29.15 per share, for a total transaction of $29,150.00. Following the completion of the transaction, the director directly owned 15,301 shares of the company’s stock, valued at approximately $446,024.15. This trade represents a 6.99% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

ChoiceOne Financial Services Stock Performance

Shares of COFS stock traded up $0.02 during mid-day trading on Wednesday, reaching $29.62. 66,341 shares of the company’s stock traded hands, compared to its average volume of 87,267. ChoiceOne Financial Services, Inc. has a 12 month low of $24.89 and a 12 month high of $35.40. The firm has a 50 day moving average price of $29.19 and a two-hundred day moving average price of $29.57. The firm has a market capitalization of $444.89 million, a PE ratio of 19.75 and a beta of 0.58. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.84.

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

ChoiceOne Financial Services Dividend Announcement

The company also recently announced 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 is Friday, March 13th. This represents a $1.16 dividend on an annualized basis and a yield of 3.9%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is presently 77.33%.

Hedge Funds Weigh In On ChoiceOne Financial Services

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp purchased a new stake in ChoiceOne Financial Services during the third quarter worth $32,000. Legal & General Group Plc lifted 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 during the last quarter. Ameritas Investment Partners Inc. grew its holdings in ChoiceOne Financial Services by 153.2% in the second quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock worth $42,000 after purchasing an additional 884 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in ChoiceOne Financial Services in the third quarter worth $46,000. Finally, Tower Research Capital LLC TRC increased its position in shares of ChoiceOne Financial Services by 617.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company’s stock worth $65,000 after purchasing an additional 1,945 shares in the last quarter. Hedge funds and other institutional investors own 19.90% of the company’s stock.

Wall Street Analyst Weigh In

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

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.