ChoiceOne Financial Services, Inc. (COFS) To Go Ex-Dividend on June 13th

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) announced a quarterly dividend on Wednesday, May 21st, RTT News reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.28 per share on Monday, June 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Friday, June 13th.

ChoiceOne Financial Services has raised its dividend by an average of 5.1% per year over the last three years and has raised its dividend every year for the last 13 years. ChoiceOne Financial Services has a payout ratio of 30.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect ChoiceOne Financial Services to earn $3.85 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 29.1%.

ChoiceOne Financial Services Price Performance

Shares of COFS opened at $29.61 on Friday. The stock has a market cap of $443.68 million, a PE ratio of 9.08 and a beta of 0.56. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.74 and a current ratio of 0.74. ChoiceOne Financial Services has a fifty-two week low of $23.71 and a fifty-two week high of $38.15. The firm’s 50-day simple moving average is $28.07 and its two-hundred day simple moving average is $32.10.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.04. The business had revenue of $31.23 million for the quarter, compared to analysts’ expectations of $29.70 million. ChoiceOne Financial Services had a net margin of 19.21% and a return on equity of 12.44%. Analysts anticipate that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

Institutional Trading of ChoiceOne Financial Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COFS. Jane Street Group LLC purchased a new stake in shares of ChoiceOne Financial Services in the first quarter worth $477,000. Empowered Funds LLC increased its stake in shares of ChoiceOne Financial Services by 8.1% in the first quarter. Empowered Funds LLC now owns 30,701 shares of the company’s stock worth $883,000 after purchasing an additional 2,312 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of ChoiceOne Financial Services in the first quarter worth $195,000. 19.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. DA Davidson cut their price objective on shares of ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Hovde Group started coverage on shares of ChoiceOne Financial Services in a research note on Monday, March 10th. They issued an “outperform” rating and a $35.00 target price on the stock. Finally, Janney Montgomery Scott upgraded shares of ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a research note on Monday, March 3rd.

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.