ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Update

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the recipient of a significant growth in short interest in March. As of March 13th, there was short interest totaling 200,550 shares, a growth of 76.5% from the February 26th total of 113,635 shares. Based on an average daily trading volume, of 104,655 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.4% of the shares of the stock are sold short.

ChoiceOne Financial Services Trading Down 0.1%

Shares of NASDAQ:COFS traded down $0.02 during trading hours on Friday, hitting $27.63. 2,251 shares of the company’s stock traded hands, compared to its average volume of 85,372. ChoiceOne Financial Services has a 1 year low of $24.89 and a 1 year high of $35.40. The business has a fifty day moving average price of $28.75 and a 200-day moving average price of $29.26. The firm has a market capitalization of $413.89 million, a P/E ratio of 18.42 and a beta of 0.58. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.86 and a quick ratio of 0.85.

ChoiceOne Financial Services (NASDAQ:COFS) last released its earnings results on Friday, January 30th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $42.94 million during the quarter, compared to the consensus estimate of $43.80 million. ChoiceOne Financial Services had a return on equity of 11.62% and a net margin of 12.38%. Equities analysts expect that ChoiceOne Financial Services will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, March 13th. ChoiceOne Financial Services’s payout ratio is currently 77.33%.

Insider Activity at ChoiceOne Financial Services

In other news, Director Bradley F. Mcginnis bought 1,000 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was purchased at an average cost of $29.15 per share, for a total transaction of $29,150.00. Following the transaction, the director owned 15,301 shares of the company’s stock, valued at $446,024.15. The trade was a 6.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric E. Burrough purchased 5,000 shares of ChoiceOne Financial Services stock in a transaction that occurred on Wednesday, March 11th. The stock was acquired at an average price of $27.50 per share, for a total transaction of $137,500.00. Following the transaction, 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 9,350 shares of company stock worth $261,844 in the last three months. Insiders own 5.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Curi Capital LLC increased its holdings in ChoiceOne Financial Services by 0.7% during the 2nd quarter. Curi Capital LLC now owns 51,537 shares of the company’s stock worth $1,479,000 after purchasing an additional 337 shares during the period. Legal & General Group Plc grew its position in shares of ChoiceOne Financial Services by 74.6% during the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock worth $37,000 after buying an additional 554 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of ChoiceOne Financial Services by 153.2% during the second quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock valued at $42,000 after buying an additional 884 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of ChoiceOne Financial Services by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,578 shares of the company’s stock valued at $254,000 after buying an additional 1,041 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in shares of ChoiceOne Financial Services in the third quarter valued at about $32,000. Institutional investors own 19.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. Hovde Group cut ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. DA Davidson reissued a “buy” rating and set a $36.00 target price on shares of ChoiceOne Financial Services in a research report on Tuesday, February 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $36.00.

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.