Bradley Mcginnis Acquires 1,000 Shares of ChoiceOne Financial Services (NASDAQ:COFS) Stock

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Bradley Mcginnis bought 1,000 shares of ChoiceOne Financial Services stock in a transaction that occurred on Tuesday, March 3rd. The shares were acquired at an average cost of $29.15 per share, for a total transaction of $29,150.00. Following the acquisition, the director owned 15,301 shares in the company, valued at $446,024.15. The trade was a 6.99% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

ChoiceOne Financial Services Trading Up 0.1%

Shares of NASDAQ:COFS traded up $0.02 on Wednesday, reaching $29.62. 66,341 shares of the company traded hands, compared to its average volume of 87,267. The stock has a market capitalization of $444.89 million, a P/E ratio of 19.75 and a beta of 0.58. The business’s 50-day simple moving average is $29.19 and its 200 day simple moving average is $29.57. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. ChoiceOne Financial Services, Inc. has a 52 week low of $24.89 and a 52 week high of $35.40.

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

ChoiceOne Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.29 per share. The ex-dividend date is Friday, March 13th. This represents a $1.16 dividend on an annualized basis and a yield of 3.9%. ChoiceOne Financial Services’s payout ratio is presently 77.33%.

Institutional Investors Weigh In On ChoiceOne Financial Services

A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its stake in shares of ChoiceOne Financial Services by 7.4% in the 4th quarter. Invesco Ltd. now owns 20,099 shares of the company’s stock worth $593,000 after buying an additional 1,388 shares during the last quarter. State of Tennessee Department of Treasury purchased a new position in ChoiceOne Financial Services in the fourth quarter worth about $306,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of ChoiceOne Financial Services during the 4th quarter valued at about $777,000. Millennium Management LLC bought a new stake in shares of ChoiceOne Financial Services during the 4th quarter valued at about $666,000. Finally, AQR Capital Management LLC bought a new position in shares of ChoiceOne Financial Services in the 4th quarter worth approximately $222,000. 19.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

COFS has been the topic of a number of analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, January 21st. Wall Street Zen downgraded shares of ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Hovde Group cut shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, DA Davidson restated a “buy” rating and issued a $36.00 price objective on shares of ChoiceOne Financial Services in a report on Tuesday, February 3rd. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, ChoiceOne Financial Services has an average rating of “Hold” and an average target price of $35.50.

ChoiceOne Financial Services Company Profile

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.