Key Points
- Director purchase: Gregory McConnell bought 1,550 shares at $29.04 on Feb. 13 for a total of $45,012, increasing his stake to 35,950 shares (a 4.51% rise), as disclosed in an SEC filing.
- Dividend increase: ChoiceOne raised its quarterly dividend to $0.29 (from $0.28), an annualized $1.16 representing about a 4.0% yield and a payout ratio of 77.33%.
- Recent results and outlook: The company reported $0.92 EPS (beating estimates by $0.01) with a 12.38% net margin and 11.81% ROE; analysts' consensus is a "Hold" with an average target of $35.50.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) Director Gregory Mcconnell bought 1,550 shares of the business's stock in a transaction on Friday, February 13th. The shares were acquired at an average price of $29.04 per share, for a total transaction of $45,012.00. Following the completion of the transaction, the director owned 35,950 shares in the company, valued at approximately $1,043,988. This trade represents a 4.51% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
ChoiceOne Financial Services Stock Down 0.1%
Shares of NASDAQ COFS opened at $28.74 on Wednesday. ChoiceOne Financial Services, Inc. has a 1 year low of $24.89 and a 1 year high of $35.40. The firm's 50-day moving average is $29.66 and its 200-day moving average is $29.58. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $431.67 million, a PE ratio of 19.16 and a beta of 0.58.
ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last announced its quarterly earnings data on Friday, January 30th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.81%. The business had revenue of $42.94 million for the quarter, compared to analyst estimates of $43.80 million. Equities analysts expect that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current year.
ChoiceOne Financial Services Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a $0.29 dividend. This is an increase from ChoiceOne Financial Services's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.0%. ChoiceOne Financial Services's dividend payout ratio (DPR) is currently 77.33%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp acquired a new position in ChoiceOne Financial Services in the third quarter valued at about $32,000. Legal & General Group Plc raised its position in shares of 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 purchasing an additional 554 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of ChoiceOne Financial Services by 153.2% during 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 in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of ChoiceOne Financial Services in the 3rd quarter valued at approximately $46,000. Finally, Tower Research Capital LLC TRC grew its position in shares of ChoiceOne Financial Services by 617.5% in the 2nd 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 period. 19.90% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on the company. Hovde Group downgraded ChoiceOne Financial Services from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 7th. Weiss Ratings restated a "hold (c)" rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. DA Davidson reaffirmed a "buy" rating and issued 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 research report on Saturday, January 31st. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $35.50.
Get Our Latest Research Report on ChoiceOne Financial Services
About ChoiceOne Financial Services
(
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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