ChoiceOne Financial Services (NASDAQ:COFS) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of ChoiceOne Financial Services (NASDAQ:COFS) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

A number of other research firms also recently issued reports on COFS. Weiss Ratings reissued a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, October 8th. Zacks Research raised shares of ChoiceOne Financial Services from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, ChoiceOne Financial Services has a consensus rating of “Moderate Buy” and an average price target of $37.00.

ChoiceOne Financial Services Stock Performance

ChoiceOne Financial Services stock opened at $31.86 on Friday. The company has a 50 day moving average price of $29.43 and a 200-day moving average price of $29.51. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.84. ChoiceOne Financial Services has a fifty-two week low of $24.89 and a fifty-two week high of $36.86. The company has a market capitalization of $478.54 million, a PE ratio of 23.26 and a beta of 0.61.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $0.60 earnings per share (EPS) for the quarter. The company had revenue of $20.17 million for the quarter. ChoiceOne Financial Services had a return on equity of 11.52% and a net margin of 10.57%. As a group, equities analysts forecast that ChoiceOne Financial Services will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, December 15th. 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 3.6%. ChoiceOne Financial Services’s dividend payout ratio is 81.75%.

Insider Transactions at ChoiceOne Financial Services

In other news, Director Eric E. Burrough bought 5,000 shares of ChoiceOne Financial Services stock in a transaction on Monday, November 17th. The stock was acquired at an average cost of $28.50 per share, for a total transaction of $142,500.00. Following the completion of the acquisition, the director owned 174,833 shares of the company’s stock, valued at $4,982,740.50. This trade represents a 2.94% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.93% of the stock is owned by company insiders.

Institutional Trading of ChoiceOne Financial Services

A number of institutional investors have recently modified their holdings of COFS. Jones Financial Companies Lllp bought a new position in shares of ChoiceOne Financial Services during the 3rd quarter worth approximately $32,000. Legal & General Group Plc boosted its stake in ChoiceOne Financial Services by 74.6% in the second quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock valued at $37,000 after acquiring an additional 554 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in ChoiceOne Financial Services by 153.2% in the second quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock worth $42,000 after purchasing an additional 884 shares during the last quarter. Aquatic Capital Management LLC acquired a new position in shares of ChoiceOne Financial Services during the third quarter worth $46,000. Finally, Tower Research Capital LLC TRC lifted its holdings 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 valued at $65,000 after purchasing an additional 1,945 shares during the last quarter. 19.90% of the stock is currently owned by institutional investors.

About ChoiceOne Financial Services

ChoiceOne Financial Services, Inc operates as the bank holding company for ChoiceOne Bank that provides banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits, safe deposit, and automated transaction machine services.