ChoiceOne Financial Services (NASDAQ:COFS) Reaches New 52-Week High After Earnings Beat

Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) hit a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $35.61 and last traded at $35.5790, with a volume of 1,571 shares changing hands. The stock had previously closed at $35.00.

The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.93 by $0.12. The company had revenue of $45.19 million during the quarter, compared to analysts’ expectations of $44.50 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%.

ChoiceOne Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, September 15th. ChoiceOne Financial Services’s dividend payout ratio (DPR) is currently 31.96%.

Wall Street Analyst Weigh In

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

Institutional Trading of ChoiceOne Financial Services

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in ChoiceOne Financial Services during the 2nd quarter valued at approximately $36,957,000. The Manufacturers Life Insurance Company bought a new position in shares of ChoiceOne Financial Services during the second quarter valued at approximately $7,466,000. Jacobs Asset Management LLC increased its holdings in ChoiceOne Financial Services by 19.7% during the first quarter. Jacobs Asset Management LLC now owns 196,227 shares of the company’s stock valued at $5,518,000 after buying an additional 32,330 shares during the period. Empowered Funds LLC purchased a new position in ChoiceOne Financial Services in the second quarter worth $1,571,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of ChoiceOne Financial Services in the second quarter valued at about $2,216,000. Hedge funds and other institutional investors own 19.90% of the company’s stock.

ChoiceOne Financial Services Stock Up 4.7%

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 firm has a market cap of $548.30 million, a price-to-earnings ratio of 10.10 and a beta of 0.61. The business’s 50 day moving average price is $33.35 and its 200 day moving average price is $31.47.

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.