ChoiceOne Financial Services (NASDAQ:COFS) Stock Falls 0.5% – Here’s What Happened

ChoiceOne Financial Services, Inc. (NASDAQ:COFS)’s stock price traded down 0.5% on Tuesday. The stock traded as low as $32.46 and last traded at $32.78. Approximately 124,738 shares were traded during trading, an increase of 86% from the average session volume of 67,234 shares. The stock had previously closed at $32.95.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Hovde Group increased their price objective on shares of ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of ChoiceOne Financial Services in a research note on Friday. Finally, DA Davidson upped their target price on shares of ChoiceOne Financial Services from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, ChoiceOne Financial Services has an average rating of “Moderate Buy” and a consensus price target of $36.50.

ChoiceOne Financial Services Stock Down 0.5%

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.71. The company has a 50 day simple moving average of $33.67 and a two-hundred day simple moving average of $31.91. The firm has a market capitalization of $490.39 million, a P/E ratio of 9.03 and a beta of 0.59.

ChoiceOne Financial Services (NASDAQ:COFS) last released its earnings results on Friday, July 24th. The company reported $0.83 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.05). The company had revenue of $41.64 million during the quarter, compared to analysts’ expectations of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%. On average, equities analysts predict that ChoiceOne Financial Services, Inc. will post 3.63 EPS for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 15th. ChoiceOne Financial Services’s dividend payout ratio is 31.96%.

Institutional Investors Weigh In On ChoiceOne Financial Services

Large investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC purchased a new stake in ChoiceOne Financial Services during the second quarter valued at $242,000. Empowered Funds LLC purchased a new stake in ChoiceOne Financial Services in the 2nd quarter worth about $1,571,000. Bank of America Corp DE purchased a new stake in shares of ChoiceOne Financial Services in the second quarter worth approximately $1,651,000. Odyssean LLC purchased a new stake in ChoiceOne Financial Services in the second quarter worth $213,000. Finally, Hsbc Holdings PLC bought a new stake in ChoiceOne Financial Services during the 2nd quarter valued at about $845,000. 19.90% of the stock is owned by institutional investors.

About ChoiceOne Financial Services

ChoiceOne Financial Services, Inc is a financial holding company headquartered in Sparta, Michigan. Through its wholly owned subsidiary, ChoiceOne Bank, the company provides community banking services to individuals, families, farmers, professionals and businesses.

ChoiceOne Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending services include residential mortgages, home equity loans, consumer loans, commercial real estate financing, agricultural loans and other business credit products.