ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Sees Large Increase in Short Interest

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 219,601 shares, an increase of 52.6% from the December 31st total of 143,866 shares. Based on an average daily volume of 79,143 shares, the days-to-cover ratio is presently 2.8 days. Approximately 1.6% of the company’s stock are short sold. Approximately 1.6% of the company’s stock are short sold. Based on an average daily volume of 79,143 shares, the days-to-cover ratio is presently 2.8 days.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on COFS shares. Wall Street Zen cut shares of ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a research note on Saturday. Hovde Group downgraded ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $35.00.

ChoiceOne Financial Services Price Performance

Shares of COFS traded up $1.05 during midday trading on Monday, hitting $29.74. 45,544 shares of the company traded hands, compared to its average volume of 76,166. ChoiceOne Financial Services has a one year low of $24.89 and a one year high of $35.40. The firm has a market cap of $446.62 million, a P/E ratio of 19.82 and a beta of 0.58. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a 50-day moving average of $29.97 and a 200-day moving average of $29.57.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings data on Friday, January 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $42.94 million during the quarter, compared to analyst estimates of $43.80 million. ChoiceOne Financial Services had a return on equity of 11.81% and a net margin of 12.38%. As a group, sell-side analysts predict that ChoiceOne Financial Services will post 3.67 EPS for the current fiscal year.

ChoiceOne Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Monday, December 15th. This is a positive change from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. ChoiceOne Financial Services’s dividend payout ratio is presently 84.67%.

Insider Buying and Selling at ChoiceOne Financial Services

In other ChoiceOne Financial Services news, Director Eric E. Burrough bought 5,000 shares of ChoiceOne Financial Services stock in a transaction dated Monday, November 17th. The stock was bought at an average cost of $28.50 per share, with a total value of $142,500.00. Following the completion of the acquisition, the director directly owned 174,833 shares in the company, valued at approximately $4,982,740.50. The trade was a 2.94% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.93% of the stock is owned by insiders.

Institutional Investors Weigh In On ChoiceOne Financial Services

Several hedge funds have recently made changes to their positions in the company. ProShare Advisors LLC bought a new position in ChoiceOne Financial Services in the second quarter worth $5,973,000. Geode Capital Management LLC increased its stake in shares of ChoiceOne Financial Services by 70.4% in the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock worth $9,307,000 after acquiring an additional 133,999 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of ChoiceOne Financial Services by 204.2% during the third quarter. Two Sigma Investments LP now owns 97,963 shares of the company’s stock valued at $2,837,000 after purchasing an additional 65,764 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of ChoiceOne Financial Services by 427.1% during the third quarter. First Trust Advisors LP now owns 50,990 shares of the company’s stock valued at $1,477,000 after purchasing an additional 41,317 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of ChoiceOne Financial Services by 95.0% in the 3rd quarter. Squarepoint Ops LLC now owns 66,898 shares of the company’s stock worth $1,937,000 after buying an additional 32,597 shares during the last quarter. 19.90% of the stock is currently owned by institutional investors.

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.