Key Points
- Director Eric Burrough bought 5,000 shares at $28.50 each for $142,500, raising his stake to 174,833 shares (a 2.94% increase), as disclosed in an SEC filing.
- ChoiceOne pays a quarterly dividend of $0.28 ($1.12 annualized) for a yield of 3.8% and a payout ratio of 81.75%.
- Analysts have a Moderate Buy consensus with an average price target of $37.00; the company reported $0.60 EPS last quarter and is projected to post 3.67 EPS for the fiscal year.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) Director Eric Burrough bought 5,000 shares of the stock in a transaction on Monday, November 17th. The stock was bought at an average price of $28.50 per share, for a total transaction of $142,500.00. Following the completion of the purchase, the director directly owned 174,833 shares in the company, valued at approximately $4,982,740.50. The trade was a 2.94% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
ChoiceOne Financial Services Stock Performance
ChoiceOne Financial Services stock traded up $0.53 during trading hours on Thursday, reaching $29.32. 3,591 shares of the stock were exchanged, compared to its average volume of 79,407. ChoiceOne Financial Services, Inc. has a 52-week low of $24.89 and a 52-week high of $38.15. The stock has a market cap of $440.39 million, a P/E ratio of 21.43 and a beta of 0.59. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.84. The firm's 50 day moving average is $28.89 and its 200 day moving average is $29.35.
ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last posted its quarterly earnings results on Tuesday, November 8th. The company reported $0.60 earnings per share (EPS) for the quarter. ChoiceOne Financial Services had a net margin of 10.57% and a return on equity of 11.52%. The firm had revenue of $20.17 million during the quarter. Analysts predict that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current fiscal year.
ChoiceOne Financial Services Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Monday, September 15th. ChoiceOne Financial Services's payout ratio is presently 81.75%.
Hedge Funds Weigh In On ChoiceOne Financial Services
Several hedge funds and other institutional investors have recently modified their holdings of the company. Qube Research & Technologies Ltd increased its stake in ChoiceOne Financial Services by 18.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 20,149 shares of the company's stock worth $584,000 after buying an additional 3,112 shares during the period. Brevan Howard Capital Management LP purchased a new stake in shares of ChoiceOne Financial Services during the third quarter worth about $334,000. Bank of America Corp DE lifted its stake in shares of ChoiceOne Financial Services by 38.7% in the third quarter. Bank of America Corp DE now owns 30,210 shares of the company's stock worth $875,000 after acquiring an additional 8,427 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in ChoiceOne Financial Services in the third quarter valued at about $46,000. Finally, Raymond James Financial Inc. grew its stake in ChoiceOne Financial Services by 2.9% during the 3rd quarter. Raymond James Financial Inc. now owns 60,020 shares of the company's stock valued at $1,738,000 after purchasing an additional 1,679 shares in the last quarter. 19.90% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
COFS has been the subject of a number of recent analyst reports. Wall Street Zen raised ChoiceOne Financial Services from a "hold" rating to a "buy" rating in a research report on Saturday, October 25th. Zacks Research upgraded ChoiceOne Financial Services from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of ChoiceOne Financial Services in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.
Check Out Our Latest Analysis on COFS
ChoiceOne Financial Services Company Profile
(
Get Free Report)
ChoiceOne Financial Services, Inc operates as the bank holding company for ChoiceOne Bank that provides banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits, safe deposit, and automated transaction machine services.
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