ChoiceOne Financial Services (NASDAQ:COFS) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of ChoiceOne Financial Services (NASDAQ:COFS) from a hold rating to a buy rating in a report issued on Saturday.

Other analysts have also issued reports about the stock. Hovde Group lowered shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. DA Davidson restated a “buy” rating and issued a $36.00 target price on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, ChoiceOne Financial Services has an average rating of “Hold” and a consensus price target of $36.00.

ChoiceOne Financial Services Stock Down 1.7%

Shares of ChoiceOne Financial Services stock opened at $27.25 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.55. The stock has a 50 day moving average price of $28.92 and a two-hundred day moving average price of $29.45. The stock has a market capitalization of $409.30 million, a P/E ratio of 18.17 and a beta of 0.58. ChoiceOne Financial Services has a 12-month low of $24.89 and a 12-month high of $35.40.

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

ChoiceOne Financial Services Announces Dividend

The business 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 $0.29 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.16 annualized dividend and a yield of 4.3%. ChoiceOne Financial Services’s dividend payout ratio is presently 77.33%.

Insider Activity

In other ChoiceOne Financial Services news, Director Bradley F. Mcginnis bought 1,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was purchased at an average cost of $29.15 per share, with a total value of $29,150.00. Following the completion of the purchase, the director owned 15,301 shares in the company, valued at approximately $446,024.15. The trade was a 6.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Brian P. Petty sold 15,000 shares of the business’s 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 owned 91,107 shares of the company’s stock, valued at $2,693,122.92. This represents a 14.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have acquired 8,850 shares of company stock valued at $248,144. Insiders own 5.93% of the company’s stock.

Hedge Funds Weigh In On ChoiceOne Financial Services

A number of large investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp bought a new position in shares of ChoiceOne Financial Services during the third quarter worth about $32,000. Legal & General Group Plc increased its holdings 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 worth $37,000 after buying an additional 554 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of ChoiceOne Financial Services by 153.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock valued at $42,000 after purchasing an additional 884 shares during the period. Aquatic Capital Management LLC bought a new position in shares of ChoiceOne Financial Services during the 3rd quarter worth approximately $46,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of ChoiceOne Financial Services by 617.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company’s stock valued at $65,000 after purchasing an additional 1,945 shares during the last quarter. Institutional investors own 19.90% of the company’s stock.

About ChoiceOne Financial Services

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.