Wall Street Zen Downgrades ChoiceOne Financial Services (NASDAQ:COFS) to Hold

Wall Street Zen cut shares of ChoiceOne Financial Services (NASDAQ:COFS) from a buy rating to a hold rating in a research note published on Saturday morning.

ChoiceOne Financial Services Stock Down 1.3%

ChoiceOne Financial Services stock opened at $29.98 on Friday. ChoiceOne Financial Services has a fifty-two week low of $24.89 and a fifty-two week high of $38.15. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.83 and a current ratio of 0.85. The company has a market capitalization of $450.30 million, a P/E ratio of 23.79 and a beta of 0.57. The stock has a 50-day simple moving average of $29.30 and a 200-day simple moving average of $29.43.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its earnings results on Friday, July 25th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.11. ChoiceOne Financial Services had a return on equity of 11.26% and a net margin of 7.95%. The business had revenue of $42.83 million during the quarter, compared to the consensus estimate of $38.95 million. Equities research analysts expect that ChoiceOne Financial Services will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, June 13th. ChoiceOne Financial Services’s payout ratio is presently 88.89%.

Institutional Trading of ChoiceOne Financial Services

Several institutional investors and hedge funds have recently made changes to their positions in COFS. Geode Capital Management LLC raised its stake in ChoiceOne Financial Services by 70.4% during the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock valued at $9,307,000 after acquiring an additional 133,999 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in ChoiceOne Financial Services by 1.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 226,161 shares of the company’s stock valued at $6,491,000 after acquiring an additional 2,509 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in ChoiceOne Financial Services by 0.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 224,304 shares of the company’s stock valued at $7,994,000 after acquiring an additional 890 shares during the last quarter. ProShare Advisors LLC purchased a new stake in ChoiceOne Financial Services during the 2nd quarter valued at approximately $5,973,000. Finally, Jacobs Asset Management LLC raised its stake in ChoiceOne Financial Services by 149.9% during the 1st quarter. Jacobs Asset Management LLC now owns 156,159 shares of the company’s stock valued at $4,493,000 after acquiring an additional 93,659 shares during the last quarter. 19.90% of the stock is owned by hedge funds and other institutional investors.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc operates as the bank holding company for ChoiceOne Bank that provides banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits, safe deposit, and automated transaction machine services.