Rhumbline Advisers Sells 590 Shares of ChoiceOne Financial Services, Inc. $COFS

Rhumbline Advisers reduced its position in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) by 7.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 7,575 shares of the company’s stock after selling 590 shares during the period. Rhumbline Advisers’ holdings in ChoiceOne Financial Services were worth $218,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in shares of ChoiceOne Financial Services by 84.6% in the fourth quarter. Bank of America Corp DE now owns 11,075 shares of the company’s stock valued at $395,000 after purchasing an additional 5,076 shares during the period. Citadel Advisors LLC raised its holdings in ChoiceOne Financial Services by 10.6% during the 4th quarter. Citadel Advisors LLC now owns 24,286 shares of the company’s stock valued at $866,000 after acquiring an additional 2,321 shares during the period. Deutsche Bank AG lifted its position in shares of ChoiceOne Financial Services by 108.1% during the fourth quarter. Deutsche Bank AG now owns 8,457 shares of the company’s stock worth $301,000 after acquiring an additional 4,393 shares in the last quarter. Squarepoint Ops LLC grew its position in shares of ChoiceOne Financial Services by 19.1% in the fourth quarter. Squarepoint Ops LLC now owns 19,457 shares of the company’s stock valued at $693,000 after purchasing an additional 3,127 shares in the last quarter. Finally, Mattson Financial Services LLC raised its stake in shares of ChoiceOne Financial Services by 58.0% during the 4th quarter. Mattson Financial Services LLC now owns 2,575 shares of the company’s stock valued at $92,000 after purchasing an additional 945 shares during the period. Institutional investors own 19.90% of the company’s stock.

ChoiceOne Financial Services Stock Performance

ChoiceOne Financial Services stock opened at $29.44 on Friday. ChoiceOne Financial Services, Inc. has a fifty-two week low of $24.89 and a fifty-two week high of $38.15. The firm’s fifty day moving average price is $29.94 and its 200-day moving average price is $29.06. The stock has a market cap of $442.19 million, a P/E ratio of 23.37 and a beta of 0.59. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 0.85.

ChoiceOne Financial Services (NASDAQ:COFS) last released its earnings results on Friday, July 25th. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $38.95 million. On average, equities research analysts expect that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.28 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.12 dividend on an annualized basis and a yield of 3.8%. ChoiceOne Financial Services’s payout ratio is presently 88.89%.

Analysts Set New Price Targets

Several brokerages have commented on COFS. Wall Street Zen upgraded ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research note on Saturday, August 30th. Zacks Research raised shares of ChoiceOne Financial Services from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ChoiceOne Financial Services currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

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.