Empowered Funds LLC Purchases New Stake in ChoiceOne Financial Services, Inc. $COFS

Empowered Funds LLC acquired a new position in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 46,209 shares of the company’s stock, valued at approximately $1,571,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in COFS. Legal & General Group Plc lifted its position in ChoiceOne Financial Services by 74.6% during the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock valued at $37,000 after purchasing an additional 554 shares during the period. Aquatic Capital Management LLC acquired a new stake in shares of ChoiceOne Financial Services during the 3rd quarter worth approximately $46,000. Tower Research Capital LLC TRC grew its position in shares of ChoiceOne Financial Services by 617.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company’s stock worth $65,000 after buying an additional 1,945 shares during the period. Quantbot Technologies LP bought a new stake in shares of ChoiceOne Financial Services during the second quarter worth approximately $191,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of ChoiceOne Financial Services during the first quarter worth approximately $195,000. 19.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Weiss Ratings raised shares of ChoiceOne Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. DA Davidson upped their target price on shares of ChoiceOne Financial Services from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Hovde Group increased their price target on ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.50.

ChoiceOne Financial Services Stock Performance

Shares of COFS stock opened at $34.04 on Friday. The stock has a market cap of $509.24 million, a PE ratio of 9.38 and a beta of 0.59. The stock has a 50-day moving average of $33.72 and a 200-day moving average of $31.33. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.87 and a quick ratio of 0.87. ChoiceOne Financial Services, Inc. has a one year low of $26.09 and a one year high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings data on Friday, July 24th. The company reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.05). The firm had revenue of $41.64 million for the quarter, compared to the consensus estimate of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%. As a group, sell-side analysts expect that ChoiceOne Financial Services, Inc. will post 3.63 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.29 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.16 annualized dividend and a yield of 3.4%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is 31.96%.

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.