Analysts Set ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Target Price at $37.00

Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) have been assigned an average recommendation of “Hold” from the five brokerages that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $37.00.

A number of equities analysts have commented on the stock. Hovde Group downgraded shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Weiss Ratings reissued a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a report on Sunday, December 21st.

ChoiceOne Financial Services Stock Performance

Shares of ChoiceOne Financial Services stock opened at $28.53 on Friday. ChoiceOne Financial Services has a 52 week low of $24.89 and a 52 week high of $35.40. The company has a market capitalization of $428.52 million, a PE ratio of 20.82 and a beta of 0.61. The stock’s fifty day moving average is $30.03 and its two-hundred day moving average is $29.64. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.55.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings results on Friday, October 24th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. The firm had revenue of $44.74 million for the quarter, compared to analysts’ expectations of $42.15 million. ChoiceOne Financial Services had a net margin of 10.57% and a return on equity of 11.52%. As a group, analysts expect that ChoiceOne Financial Services will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a $0.29 dividend. The ex-dividend date was Monday, December 15th. This is an increase from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 4.1%. ChoiceOne Financial Services’s dividend payout ratio is presently 84.67%.

Insider Transactions at ChoiceOne Financial Services

In other ChoiceOne Financial Services news, Director Eric E. Burrough bought 5,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were acquired at an average price of $28.50 per share, with a total value of $142,500.00. Following the transaction, the director owned 174,833 shares of the company’s stock, valued at approximately $4,982,740.50. This trade represents a 2.94% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ChoiceOne Financial Services

Several hedge funds have recently modified their holdings of COFS. Geode Capital Management LLC lifted its stake in shares of ChoiceOne Financial Services by 70.4% during the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock worth $9,307,000 after purchasing an additional 133,999 shares during the last quarter. ProShare Advisors LLC purchased a new stake in shares of ChoiceOne Financial Services during the second quarter valued at about $5,973,000. Squarepoint Ops LLC lifted its position in shares of ChoiceOne Financial Services by 128.1% during the second quarter. Squarepoint Ops LLC now owns 34,301 shares of the company’s stock valued at $984,000 after buying an additional 19,263 shares during the last quarter. CWM LLC boosted its holdings in shares of ChoiceOne Financial Services by 6.0% in the 2nd quarter. CWM LLC now owns 8,223 shares of the company’s stock valued at $236,000 after buying an additional 466 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of ChoiceOne Financial Services by 9.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 59,001 shares of the company’s stock worth $1,709,000 after buying an additional 4,982 shares during the last quarter. Hedge funds and other institutional investors own 19.90% of the company’s stock.

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.