ChoiceOne Financial Services, Inc. to Issue Quarterly Dividend of $0.29 (NASDAQ:COFS)

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) announced a quarterly dividend on Wednesday, August 26th. Shareholders of record on Tuesday, September 15th will be given a dividend of 0.29 per share on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, September 15th.

ChoiceOne Financial Services has increased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 13 years. ChoiceOne Financial Services has a dividend payout ratio of 31.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ChoiceOne Financial Services to earn $3.72 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 31.2%.

ChoiceOne Financial Services Price Performance

COFS stock opened at $33.56 on Thursday. The business’s 50-day moving average is $33.59 and its two-hundred day moving average is $31.17. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $502.06 million, a P/E ratio of 9.25 and a beta of 0.60. ChoiceOne Financial Services has a 1 year low of $26.09 and a 1 year high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings data on Friday, July 24th. The company reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05). The company had revenue of $41.64 million for the quarter, compared to analyst estimates of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%. Analysts anticipate that ChoiceOne Financial Services will post 3.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on COFS. DA Davidson boosted their price target 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. Hovde Group raised their price objective on shares of ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of ChoiceOne Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $36.50.

About ChoiceOne Financial Services

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.