Key Points
- Insider buying: Director Bradley Mcginnis purchased 1,000 shares at $29.15 each ($29,150 total), boosting his holdings to 15,301 shares—a 6.99% increase in his position.
- Dividend announced: ChoiceOne declared a quarterly dividend of $0.29 per share (annualized $1.16) for a ~4.0% yield, with record and ex-dividend dates on March 13 and payment on March 31.
- Shares traded down 2.6% to $28.80 with a 52-week range of $24.89–$35.40; analysts have a consensus Hold rating and an average target price of $35.50.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) Director Bradley Mcginnis bought 1,000 shares of the company's stock in a transaction dated Tuesday, March 3rd. The shares were acquired at an average price of $29.15 per share, for a total transaction of $29,150.00. Following the acquisition, the director owned 15,301 shares in the company, valued at approximately $446,024.15. This represents a 6.99% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
ChoiceOne Financial Services Stock Down 2.6%
Shares of ChoiceOne Financial Services stock traded down $0.78 during trading on Thursday, hitting $28.80. The company's stock had a trading volume of 45,242 shares, compared to its average volume of 87,696. 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 company has a fifty day simple moving average of $29.17 and a two-hundred day simple moving average of $29.57. The company has a market capitalization of $432.58 million, a PE ratio of 19.20 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.
ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last posted its quarterly earnings data on Friday, January 30th. The company reported $0.92 EPS for the quarter, topping 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 research analysts predict that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current year.
ChoiceOne Financial Services Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, March 13th. ChoiceOne Financial Services's dividend payout ratio (DPR) is 77.33%.
Institutional Trading of ChoiceOne Financial Services
A number of large investors have recently made changes to their positions in the stock. ProShare Advisors LLC bought a new stake in shares of ChoiceOne Financial Services during the 2nd quarter valued at about $5,973,000. Geode Capital Management LLC lifted its stake in shares of ChoiceOne Financial Services by 70.4% in the 2nd 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. 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 valued at $984,000 after buying an additional 19,263 shares during the period. The Manufacturers Life Insurance Company grew its position in ChoiceOne Financial Services by 1.1% during the second quarter. The Manufacturers Life Insurance Company now owns 226,161 shares of the company's stock valued at $6,491,000 after buying an additional 2,509 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in ChoiceOne Financial Services by 60.6% during the second quarter. Qube Research & Technologies Ltd now owns 17,037 shares of the company's stock valued at $489,000 after buying an additional 6,430 shares during the last quarter. 19.90% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the company. Hovde Group cut ChoiceOne Financial Services from an "outperform" rating to a "market perform" rating in a research note on Wednesday, January 7th. DA Davidson reissued a "buy" rating and set a $36.00 price objective on shares of ChoiceOne Financial Services in a research report on Tuesday, February 3rd. Wall Street Zen lowered shares of ChoiceOne Financial Services from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of ChoiceOne Financial Services in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $35.50.
Read Our Latest Analysis on COFS
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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