ChoiceOne Financial Services (NASDAQ:COFS) Hits New 1-Year High – Time to Buy?

Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) hit a new 52-week high on Thursday. The company traded as high as $38.89 and last traded at $38.5590, with a volume of 2,697 shares trading hands. The stock had previously closed at $37.61.

Wall Street Analyst Weigh In

A number of research firms have issued reports on COFS. DA Davidson increased their target price on shares of ChoiceOne Financial Services from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Monday. Hovde Group raised their price target on shares of ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of ChoiceOne Financial Services in a research note on Friday, September 25th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, ChoiceOne Financial Services has a consensus rating of “Moderate Buy” and an average target price of $37.50.

ChoiceOne Financial Services Stock Down 1.4%

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $554.87 million, a price-to-earnings ratio of 10.18 and a beta of 0.61. The business has a 50-day simple moving average of $33.61 and a 200-day simple moving average of $31.64.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings data on Friday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.12. ChoiceOne Financial Services had a return on equity of 12.13% and a net margin of 22.66%. The business had revenue of $45.19 million during the quarter, compared to analysts’ expectations of $44.50 million. On average, equities analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.69 earnings per share for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $0.29 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.16 dividend on an annualized basis and a yield of 3.1%. ChoiceOne Financial Services’s payout ratio is currently 31.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of ChoiceOne Financial Services in the 2nd quarter valued at approximately $36,957,000. Dimensional Fund Advisors LP lifted its position in shares of ChoiceOne Financial Services by 18.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 240,425 shares of the company’s stock worth $6,760,000 after purchasing an additional 37,514 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of ChoiceOne Financial Services during the 2nd quarter worth $7,466,000. Jacobs Asset Management LLC grew its stake in shares of ChoiceOne Financial Services by 19.7% during the first quarter. Jacobs Asset Management LLC now owns 196,227 shares of the company’s stock worth $5,518,000 after purchasing an additional 32,330 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of ChoiceOne Financial Services during the second quarter worth $2,216,000. Institutional investors and hedge funds own 19.90% of the company’s stock.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc (NASDAQ: COFS) is the bank holding company for ChoiceOne Bank, a community banking organization headquartered in Sparta, Michigan. The company serves individuals, families, farmers and businesses through a network of branches and digital banking channels primarily across western and central Michigan.

ChoiceOne Bank provides a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and commercial lending.