ChoiceOne Financial Services (NASDAQ:COFS) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

ChoiceOne Financial Services (NASDAQ:COFS) posted its quarterly earnings data on Wednesday. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01, FiscalAI reports. The company had revenue of $42.94 million during the quarter, compared to analyst estimates of $43.80 million. ChoiceOne Financial Services had a net margin of 10.57% and a return on equity of 11.52%.

ChoiceOne Financial Services Stock Down 2.0%

COFS traded down $0.60 during midday trading on Friday, hitting $28.97. 24,256 shares of the company’s stock traded hands, compared to its average volume of 74,402. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $435.05 million, a PE ratio of 21.11 and a beta of 0.61. ChoiceOne Financial Services has a one year low of $24.89 and a one year high of $35.40. The stock’s fifty day simple moving average is $29.99 and its 200-day simple moving average is $29.57.

ChoiceOne Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a $0.29 dividend. This is an increase from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Monday, December 15th. ChoiceOne Financial Services’s dividend payout ratio is currently 84.67%.

Insider Buying and Selling at ChoiceOne Financial Services

In related news, Director Eric E. Burrough purchased 5,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was bought at an average price of $28.50 per share, for a total transaction of $142,500.00. Following the purchase, the director owned 174,833 shares in the company, valued at $4,982,740.50. The trade was a 2.94% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 5.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of COFS. Qube Research & Technologies Ltd lifted its position in ChoiceOne Financial Services by 18.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 20,149 shares of the company’s stock worth $584,000 after acquiring an additional 3,112 shares during the last quarter. Brevan Howard Capital Management LP acquired a new stake in ChoiceOne Financial Services in the 3rd quarter valued at approximately $334,000. Bank of America Corp DE increased its position in ChoiceOne Financial Services by 38.7% in the 3rd quarter. Bank of America Corp DE now owns 30,210 shares of the company’s stock worth $875,000 after buying an additional 8,427 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of ChoiceOne Financial Services during the third quarter worth approximately $46,000. Finally, Raymond James Financial Inc. lifted its holdings in shares of ChoiceOne Financial Services by 2.9% during the third quarter. Raymond James Financial Inc. now owns 60,020 shares of the company’s stock worth $1,738,000 after buying an additional 1,679 shares during the last quarter. 19.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Wall Street Zen raised ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research note on Sunday, December 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Wednesday, January 21st. Finally, Hovde Group cut ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $35.00.

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.