Gregory Mcconnell Acquires 1,050 Shares of ChoiceOne Financial Services (NASDAQ:COFS) Stock

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Gregory Mcconnell acquired 1,050 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were bought at an average price of $27.94 per share, for a total transaction of $29,337.00. Following the completion of the transaction, the director owned 37,000 shares of the company’s stock, valued at approximately $1,033,780. This trade represents a 2.92% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

ChoiceOne Financial Services Price Performance

Shares of ChoiceOne Financial Services stock opened at $28.04 on Wednesday. The stock has a market cap of $421.16 million, a price-to-earnings ratio of 18.69 and a beta of 0.58. 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 has a 50 day moving average price of $29.02 and a 200-day moving average price of $29.51. ChoiceOne Financial Services, Inc. has a one year low of $24.89 and a one year high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last released 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 company had revenue of $42.94 million for the quarter, compared to analyst estimates of $43.80 million. ChoiceOne Financial Services had a return on equity of 11.81% and a net margin of 12.38%. Equities analysts expect that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current year.

ChoiceOne Financial Services Dividend Announcement

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC purchased a new position in ChoiceOne Financial Services in the 2nd quarter worth about $5,973,000. Geode Capital Management LLC raised its stake in shares of ChoiceOne Financial Services by 70.4% during the second quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock valued at $9,307,000 after acquiring an additional 133,999 shares in the last quarter. Jane Street Group LLC grew its stake in ChoiceOne Financial Services by 556.4% in the fourth quarter. Jane Street Group LLC now owns 146,782 shares of the company’s stock worth $4,333,000 after purchasing an additional 124,419 shares in the last quarter. Marshall Wace LLP increased its holdings in ChoiceOne Financial Services by 210.1% during the 4th quarter. Marshall Wace LLP now owns 134,461 shares of the company’s stock worth $3,969,000 after purchasing an additional 91,100 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in ChoiceOne Financial Services by 60.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 202,911 shares of the company’s stock worth $5,990,000 after purchasing an additional 76,226 shares during the period. 19.90% of the stock is currently owned by institutional investors.

ChoiceOne Financial Services Company Profile

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.