ChoiceOne Financial Services (NASDAQ:COFS) Downgraded to Hold Rating by Wall Street Zen

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

A number of other research firms have also recently weighed in on COFS. Weiss Ratings restated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research note on Wednesday, October 8th. Zacks Research raised ChoiceOne Financial Services from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

ChoiceOne Financial Services Price Performance

COFS opened at $29.98 on Friday. The stock’s 50-day moving average price is $28.85 and its 200 day moving average price is $29.36. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. ChoiceOne Financial Services has a 12-month low of $24.89 and a 12-month high of $38.15. The firm has a market cap of $450.30 million, a price-to-earnings ratio of 21.88 and a beta of 0.59.

ChoiceOne Financial Services (NASDAQ:COFS) last released its earnings results on Tuesday, November 8th. The company reported $0.60 earnings per share (EPS) for the quarter. The company had revenue of $20.17 million for the quarter. ChoiceOne Financial Services had a net margin of 10.57% and a return on equity of 11.52%. As a group, sell-side analysts expect that ChoiceOne Financial Services will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, September 15th. ChoiceOne Financial Services’s payout ratio is presently 81.75%.

Insider Activity at ChoiceOne Financial Services

In other ChoiceOne Financial Services news, Director Eric E. Burrough purchased 5,000 shares of the stock in a transaction dated Monday, November 17th. The shares were acquired at an average cost of $28.50 per share, for a total transaction of $142,500.00. Following the completion of the transaction, the director directly owned 174,833 shares of the company’s stock, valued at $4,982,740.50. This trade represents a 2.94% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 5.93% of the stock is owned by corporate insiders.

Institutional Trading of ChoiceOne Financial Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nuveen LLC acquired a new stake in ChoiceOne Financial Services during the first quarter worth approximately $459,000. Penn Mutual Asset Management acquired a new position in shares of ChoiceOne Financial Services during the 1st quarter valued at $245,000. Wellington Management Group LLP acquired a new position in ChoiceOne Financial Services during the 1st quarter worth approximately $478,000. Jacobs Asset Management LLC increased its stake in ChoiceOne Financial Services by 149.9% during the 1st quarter. Jacobs Asset Management LLC now owns 156,159 shares of the company’s stock worth $4,493,000 after buying an additional 93,659 shares during the period. Finally, CWM LLC increased its position in shares of ChoiceOne Financial Services by 58.9% during the first quarter. CWM LLC now owns 7,757 shares of the company’s stock worth $223,000 after acquiring an additional 2,876 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 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.