ChoiceOne Financial Services (NASDAQ:COFS) Director Gregory Mcconnell Purchases 1,550 Shares of Stock

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Gregory Mcconnell acquired 1,550 shares of the stock in a transaction dated Friday, February 13th. The stock was bought at an average price of $29.04 per share, for a total transaction of $45,012.00. Following the completion of the purchase, the director owned 35,950 shares in the company, valued at approximately $1,043,988. This trade represents a 4.51% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

ChoiceOne Financial Services Price Performance

ChoiceOne Financial Services stock opened at $28.74 on Wednesday. The business has a 50 day simple moving average of $29.66 and a 200 day simple moving average of $29.58. 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 company has a market capitalization of $431.67 million, a PE ratio of 19.16 and a beta of 0.58. ChoiceOne Financial Services, Inc. has a one year low of $24.89 and a one year high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings data on Friday, January 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The firm 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%. On average, sell-side analysts forecast that ChoiceOne Financial Services, Inc. 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 dividend of $0.29 per share. This is an increase from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. The ex-dividend date was Monday, December 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.0%. ChoiceOne Financial Services’s dividend payout ratio is 77.33%.

Institutional Trading of ChoiceOne Financial Services

Several hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp bought a new position in ChoiceOne Financial Services in the 3rd quarter worth approximately $32,000. Legal & General Group Plc increased its stake in shares of ChoiceOne Financial Services by 74.6% in the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock valued at $37,000 after buying an additional 554 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of ChoiceOne Financial Services by 153.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock valued at $42,000 after buying an additional 884 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of ChoiceOne Financial Services during the third quarter worth $46,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of ChoiceOne Financial Services by 617.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company’s stock valued at $65,000 after acquiring an additional 1,945 shares during the period. 19.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on COFS. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. DA Davidson restated a “buy” rating and set a $36.00 price target on shares of ChoiceOne Financial Services in a research report on Tuesday, February 3rd. Wall Street Zen cut ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Hovde Group downgraded ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $35.50.

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.