Bradley Mcginnis Purchases 1,000 Shares of ChoiceOne Financial Services (NASDAQ:COFS) Stock

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Bradley Mcginnis purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were purchased at an average price of $29.15 per share, with a total value of $29,150.00. Following the completion of the transaction, the director directly owned 15,301 shares of the company’s stock, valued at $446,024.15. This represents a 6.99% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

ChoiceOne Financial Services Trading Down 3.8%

Shares of COFS stock opened at $28.45 on Friday. ChoiceOne Financial Services, Inc. has a fifty-two week low of $24.89 and a fifty-two week 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 stock’s fifty day moving average is $29.13 and its two-hundred day moving average is $29.56. The firm has a market capitalization of $427.43 million, a P/E ratio of 18.97 and a beta of 0.58.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its earnings results on Friday, January 30th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates 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%. Research analysts expect that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Friday, March 13th. ChoiceOne Financial Services’s dividend payout ratio (DPR) is 77.33%.

Analyst Ratings Changes

Several research firms recently commented on COFS. Wall Street Zen cut ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Weiss Ratings restated a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Wednesday, January 21st. Hovde Group downgraded ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, DA Davidson reiterated a “buy” rating and set a $36.00 price target on shares of ChoiceOne Financial Services in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.50.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. increased its stake in ChoiceOne Financial Services by 7.4% during the fourth quarter. Invesco Ltd. now owns 20,099 shares of the company’s stock worth $593,000 after acquiring an additional 1,388 shares during the last quarter. State of Tennessee Department of Treasury acquired a new stake in shares of ChoiceOne Financial Services during the 4th quarter worth about $306,000. Susquehanna Fundamental Investments LLC purchased a new stake in ChoiceOne Financial Services in the 4th quarter valued at about $777,000. Millennium Management LLC purchased a new stake in ChoiceOne Financial Services in the 4th quarter valued at about $666,000. Finally, AQR Capital Management LLC acquired a new position in ChoiceOne Financial Services in the fourth quarter valued at about $222,000. 19.90% of the stock is currently owned by hedge funds and other institutional investors.

About ChoiceOne Financial Services

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.