ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Sees Significant Growth in Short Interest

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the target of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 115,500 shares, a growth of 13.8% from the June 30th total of 101,500 shares. Based on an average trading volume of 10,500 shares, the days-to-cover ratio is currently 11.0 days. Currently, 1.7% of the company’s stock are sold short.

Insider Activity

In related news, CEO Kelly Potes purchased 2,000 shares of ChoiceOne Financial Services stock in a transaction on Thursday, July 25th. The shares were bought at an average price of $25.00 per share, with a total value of $50,000.00. Following the transaction, the chief executive officer now directly owns 40,133 shares of the company’s stock, valued at $1,003,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 7.92% of the company’s stock.

Hedge Funds Weigh In On ChoiceOne Financial Services

A number of institutional investors have recently made changes to their positions in COFS. SG Americas Securities LLC acquired a new stake in shares of ChoiceOne Financial Services during the 4th quarter worth $111,000. CWM LLC increased its stake in ChoiceOne Financial Services by 33.8% during the first quarter. CWM LLC now owns 4,798 shares of the company’s stock valued at $131,000 after purchasing an additional 1,211 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of ChoiceOne Financial Services by 7.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 21,720 shares of the company’s stock worth $622,000 after purchasing an additional 1,425 shares during the period. Empowered Funds LLC raised its holdings in shares of ChoiceOne Financial Services by 7.9% during the first quarter. Empowered Funds LLC now owns 23,920 shares of the company’s stock valued at $654,000 after buying an additional 1,750 shares during the last quarter. Finally, Cerity Partners LLC acquired a new position in ChoiceOne Financial Services during the 4th quarter worth $1,351,000. 19.90% of the stock is owned by institutional investors and hedge funds.

ChoiceOne Financial Services Stock Performance

ChoiceOne Financial Services stock traded up $0.15 during mid-day trading on Wednesday, reaching $27.48. 21,013 shares of the company were exchanged, compared to its average volume of 12,897. The firm has a market cap of $241.00 million, a PE ratio of 9.73 and a beta of 0.69. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.71 and a current ratio of 0.71. The firm’s 50-day simple moving average is $26.82 and its two-hundred day simple moving average is $26.33. ChoiceOne Financial Services has a twelve month low of $15.84 and a twelve month high of $32.14.

ChoiceOne Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend was Friday, June 14th. ChoiceOne Financial Services’s dividend payout ratio (DPR) is presently 38.43%.

ChoiceOne Financial Services Company Profile

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.