Key Points
- Director Eric Burrough bought 5,000 shares on March 11 at $27.50 each (totaling $137,500), increasing his stake 2.85% to 180,397 shares valued at about $4.96M.
- Dividend announced: a quarterly payout of $0.29 per share (ex-dividend March 13, payable March 31), annualized to $1.16 for a ~4.2% yield and a 77.33% payout ratio.
- Shares traded at $27.34 (down ~1.4%), below the 50- and 200-day averages; analysts have a consensus "Hold" rating with a $36 price target, and the company has a market cap of ~$410.7M and a P/E of 18.22.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) Director Eric Burrough acquired 5,000 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were bought at an average cost of $27.50 per share, with a total value of $137,500.00. Following the purchase, the director owned 180,397 shares of the company's stock, valued at approximately $4,960,917.50. This trade represents a 2.85% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
ChoiceOne Financial Services Trading Down 1.4%
Shares of NASDAQ COFS traded down $0.38 during mid-day trading on Friday, hitting $27.34. The stock had a trading volume of 42,261 shares, compared to its average volume of 88,928. The business has a 50 day moving average price of $28.95 and a two-hundred day moving average price of $29.49. ChoiceOne Financial Services, Inc. has a 1 year low of $24.89 and a 1 year high of $35.40. 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 $410.65 million, a P/E ratio of 18.22 and a beta of 0.58.
ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $42.94 million during the quarter, compared to analysts' expectations of $43.80 million. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.81%. On average, equities analysts anticipate 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 will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Friday, March 13th. ChoiceOne Financial Services's dividend payout ratio is currently 77.33%.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new stake in shares of ChoiceOne Financial Services during the first quarter valued at approximately $195,000. Empowered Funds LLC lifted its position in ChoiceOne Financial Services by 8.1% during the first quarter. Empowered Funds LLC now owns 30,701 shares of the company's stock valued at $883,000 after buying an additional 2,312 shares during the period. Jane Street Group LLC purchased a new position in ChoiceOne Financial Services during the first quarter valued at $477,000. ProShare Advisors LLC bought a new stake in shares of ChoiceOne Financial Services during the 2nd quarter valued at $5,973,000. Finally, Geode Capital Management LLC boosted its holdings in shares of ChoiceOne Financial Services by 70.4% during the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company's stock valued at $9,307,000 after buying an additional 133,999 shares in the last quarter. Institutional investors own 19.90% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have commented on the company. Hovde Group lowered ChoiceOne Financial Services from an "outperform" rating to a "market perform" rating in a research report on Wednesday, January 7th. Wall Street Zen cut ChoiceOne Financial Services from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. 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, Weiss Ratings reissued a "hold (c)" rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $36.00.
Get Our Latest Research Report on COFS
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.
Further Reading
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