ChoiceOne Financial Services (NASDAQ:COFS) Cut to “Hold” at Wall Street Zen

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

ChoiceOne Financial Services Price Performance

NASDAQ:COFS opened at $29.81 on Friday. ChoiceOne Financial Services has a 12 month low of $24.89 and a 12 month high of $38.15. The stock has a 50 day moving average of $29.30 and a two-hundred day moving average of $29.38. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. The firm has a market cap of $447.75 million, a P/E ratio of 23.66 and a beta of 0.57.

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

ChoiceOne Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a $0.28 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.8%. ChoiceOne Financial Services’s dividend payout ratio is 88.89%.

Institutional Investors Weigh In On ChoiceOne Financial Services

Large investors have recently made changes to their positions in the stock. Legal & General Group Plc grew its position in shares of ChoiceOne Financial Services by 74.6% in the second quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock valued at $37,000 after purchasing an additional 554 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in ChoiceOne Financial Services by 153.2% in the second quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock worth $42,000 after acquiring an additional 884 shares during the period. Tower Research Capital LLC TRC grew its position in ChoiceOne Financial Services by 617.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company’s stock worth $65,000 after acquiring an additional 1,945 shares during the period. Mattson Financial Services LLC grew its position in ChoiceOne Financial Services by 58.0% in the fourth quarter. Mattson Financial Services LLC now owns 2,575 shares of the company’s stock worth $92,000 after acquiring an additional 945 shares during the period. Finally, GAMMA Investing LLC grew its position in ChoiceOne Financial Services by 35,137.5% in the first quarter. GAMMA Investing LLC now owns 2,819 shares of the company’s stock worth $81,000 after acquiring an additional 2,811 shares during the period. 19.90% of the stock is currently owned by hedge funds and other institutional investors.

About ChoiceOne Financial Services

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.