ChoiceOne Financial Services (NASDAQ:COFS) Raised to Buy at Wall Street Zen

ChoiceOne Financial Services (NASDAQ:COFS) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Other research analysts have also issued reports about the company. DA Davidson restated a “buy” rating and issued a $36.00 target price on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. Finally, Hovde Group cut shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.00.

ChoiceOne Financial Services Trading Down 1.7%

Shares of COFS opened at $27.25 on Friday. ChoiceOne Financial Services has a 12-month low of $24.89 and a 12-month high of $35.40. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $409.30 million, a price-to-earnings ratio of 18.17 and a beta of 0.58. The stock’s 50-day moving average price is $28.92 and its 200 day moving average price is $29.44.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings results on Friday, January 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. ChoiceOne Financial Services had a return on equity of 11.81% and a net margin of 12.38%.The firm had revenue of $42.94 million during the quarter, compared to analysts’ expectations of $43.80 million. As a group, research analysts predict that ChoiceOne Financial Services will post 3.67 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Eric E. Burrough acquired 5,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average cost of $27.50 per share, for a total transaction of $137,500.00. Following the completion of the purchase, the director directly owned 180,397 shares of the company’s stock, valued at $4,960,917.50. The trade was a 2.85% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bradley F. Mcginnis acquired 1,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were bought at an average cost of $29.15 per share, with a total value of $29,150.00. Following the completion of the acquisition, the director owned 15,301 shares of the company’s stock, valued at approximately $446,024.15. This trade represents a 6.99% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 8,850 shares of company stock worth $248,144 over the last 90 days. Corporate insiders own 5.93% of the company’s stock.

Institutional Investors Weigh In On ChoiceOne Financial Services

A number of hedge funds have recently made changes to their positions in COFS. Cubist Systematic Strategies LLC bought a new position in ChoiceOne Financial Services during the 1st quarter valued at about $195,000. Empowered Funds LLC grew its stake in ChoiceOne Financial Services by 8.1% during the first quarter. Empowered Funds LLC now owns 30,701 shares of the company’s stock worth $883,000 after buying an additional 2,312 shares during the last quarter. Jane Street Group LLC bought a new stake in ChoiceOne Financial Services during the first quarter worth about $477,000. Geode Capital Management LLC increased its holdings 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 worth $9,307,000 after buying an additional 133,999 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its stake in shares of ChoiceOne Financial Services by 58.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,570 shares of the company’s stock valued at $102,000 after acquiring an additional 1,311 shares during the last quarter. Institutional investors and hedge funds own 19.90% of the company’s stock.

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.