Key Points
- Director Brian Petty sold 15,000 shares on Feb. 11 at an average price of $29.56 for proceeds of $443,400, cutting his stake by 14.14% to 91,107 shares (≈$2.69M).
- Dividend increased to $0.29 quarterly (annualized $1.16), implying a 4.0% yield with a payout ratio of 77.33%.
- ChoiceOne is a small-cap bank with a market cap of $436.3M and a P/E of 19.37; analysts have an average rating of "Hold" and an average target price of $35.50.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) Director Brian Petty sold 15,000 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $29.56, for a total transaction of $443,400.00. Following the transaction, the director owned 91,107 shares of the company's stock, valued at approximately $2,693,122.92. The trade was a 14.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
ChoiceOne Financial Services Stock Performance
Shares of COFS stock opened at $29.05 on Friday. 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 has a market cap of $436.33 million, a price-to-earnings ratio of 19.37 and a beta of 0.58. ChoiceOne Financial Services, Inc. has a 52 week low of $24.89 and a 52 week high of $35.40. The firm's 50-day simple moving average is $29.81 and its two-hundred day simple moving average is $29.60.
ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last issued its quarterly earnings results on Friday, January 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The company had revenue of $42.94 million during 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%. As a group, equities analysts forecast that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current year.
ChoiceOne Financial Services Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were paid a $0.29 dividend. The ex-dividend date was Monday, December 15th. This is a boost from ChoiceOne Financial Services's previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 4.0%. ChoiceOne Financial Services's dividend payout ratio is presently 77.33%.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on COFS shares. Weiss Ratings restated a "hold (c)" rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. 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 set a $36.00 price target on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. Finally, Wall Street Zen downgraded shares of ChoiceOne Financial Services from a "buy" rating to a "hold" rating in a report on Saturday, January 31st. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, ChoiceOne Financial Services currently has an average rating of "Hold" and an average target price of $35.50.
View Our Latest Research Report on COFS
Institutional Investors Weigh In On ChoiceOne Financial Services
A number of institutional investors and hedge funds have recently modified their holdings of COFS. Geode Capital Management LLC increased its holdings in shares of ChoiceOne Financial Services by 70.4% in the second quarter. Geode Capital Management LLC now owns 324,220 shares of the company's stock worth $9,307,000 after purchasing an additional 133,999 shares during the period. ProShare Advisors LLC bought a new stake in ChoiceOne Financial Services during the second quarter valued at $5,973,000. Squarepoint Ops LLC grew its position in ChoiceOne Financial Services by 128.1% during the second quarter. Squarepoint Ops LLC now owns 34,301 shares of the company's stock worth $984,000 after buying an additional 19,263 shares in the last quarter. CWM LLC increased its stake in ChoiceOne Financial Services by 6.0% in the 2nd quarter. CWM LLC now owns 8,223 shares of the company's stock worth $236,000 after acquiring an additional 466 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of ChoiceOne Financial Services by 74.6% in the 2nd 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. 19.90% of the stock is owned by hedge funds and other institutional investors.
ChoiceOne Financial Services Company Profile
(
Get Free Report)
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.
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