ChoiceOne Financial Services, Inc. (NASDAQ:COFS) to Issue Quarterly Dividend of $0.28

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.28 per share on Monday, March 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date of this dividend is Friday, March 14th.

ChoiceOne Financial Services has increased its dividend by an average of 5.1% annually over the last three years and has raised its dividend every year for the last 13 years. ChoiceOne Financial Services has a dividend payout ratio of 29.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ChoiceOne Financial Services to earn $3.85 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 29.1%.

ChoiceOne Financial Services Price Performance

Shares of ChoiceOne Financial Services stock opened at $29.07 on Wednesday. The company has a market capitalization of $260.41 million, a price-to-earnings ratio of 8.92 and a beta of 0.72. The stock’s 50-day simple moving average is $33.05 and its 200-day simple moving average is $33.20. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.99. ChoiceOne Financial Services has a 52 week low of $21.52 and a 52 week high of $38.15.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.82 by $0.01. ChoiceOne Financial Services had a return on equity of 12.44% and a net margin of 19.21%. As a group, analysts expect that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on COFS. DA Davidson decreased their target price on ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Hovde Group initiated coverage on shares of ChoiceOne Financial Services in a report on Monday. They issued an “outperform” rating and a $35.00 price objective for the company. Finally, Janney Montgomery Scott upgraded ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a research report on Monday, March 3rd.

About ChoiceOne Financial Services

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.