ChoiceOne Financial Services (NASDAQ:COFS) Releases Earnings Results, Beats Estimates By $0.12 EPS

ChoiceOne Financial Services (NASDAQ:COFS) posted its quarterly earnings results on Friday. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.12, FiscalAI reports. The company had revenue of $45.19 million during the quarter, compared to the consensus estimate of $44.50 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%.

ChoiceOne Financial Services Price Performance

NASDAQ:COFS traded up $0.41 during trading hours on Friday, hitting $35.41. 48,507 shares of the stock were exchanged, compared to its average volume of 84,681. ChoiceOne Financial Services has a 52-week low of $26.63 and a 52-week high of $37.10. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.71. The firm’s fifty day moving average price is $33.35 and its 200 day moving average price is $31.47. The company has a market cap of $529.73 million, a P/E ratio of 9.75 and a beta of 0.61.

ChoiceOne Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, September 15th. ChoiceOne Financial Services’s dividend payout ratio is 31.96%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on COFS. DA Davidson increased their price target on shares of ChoiceOne Financial Services from $36.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings restated a “buy (b)” rating on shares of ChoiceOne Financial Services in a research report on Friday, September 25th. Finally, Hovde Group increased their target price on ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, ChoiceOne Financial Services has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

About ChoiceOne Financial Services

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.