ChoiceOne Financial Services (NASDAQ:COFS) Posts Earnings Results, Beats Expectations By $0.11 EPS

ChoiceOne Financial Services (NASDAQ:COFS) released its quarterly earnings results on Friday. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.11, Zacks reports. The company had revenue of $37.60 million for the quarter, compared to analysts’ expectations of $42.15 million. ChoiceOne Financial Services had a return on equity of 11.26% and a net margin of 7.95%.

ChoiceOne Financial Services Trading Up 11.5%

ChoiceOne Financial Services stock opened at $30.59 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $459.46 million, a price-to-earnings ratio of 24.28 and a beta of 0.55. ChoiceOne Financial Services has a 1 year low of $24.89 and a 1 year high of $38.15. The firm’s 50 day moving average price is $29.36 and its two-hundred day moving average price is $29.02.

ChoiceOne Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Monday, September 15th. ChoiceOne Financial Services’s dividend payout ratio (DPR) is currently 88.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Friday. Zacks Research raised ChoiceOne Financial Services from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. Finally, Wall Street Zen upgraded shares of ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research note on Saturday. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC acquired a new position in ChoiceOne Financial Services in the 1st quarter worth approximately $195,000. Empowered Funds LLC boosted its stake in ChoiceOne Financial Services by 8.1% in the 1st quarter. Empowered Funds LLC now owns 30,701 shares of the company’s stock worth $883,000 after purchasing an additional 2,312 shares during the period. Jane Street Group LLC acquired a new position in ChoiceOne Financial Services in the 1st quarter worth approximately $477,000. JPMorgan Chase & Co. boosted its stake in ChoiceOne Financial Services by 127.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 54,019 shares of the company’s stock worth $1,550,000 after purchasing an additional 30,220 shares during the period. Finally, Legal & General Group Plc boosted its stake in ChoiceOne Financial Services by 74.6% in the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock worth $37,000 after purchasing an additional 554 shares during the period. Institutional investors and hedge funds own 19.90% of the company’s stock.

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.