ChoiceOne Financial Services (NASDAQ:COFS) Announces Quarterly Earnings Results, Misses Estimates By $0.05 EPS

ChoiceOne Financial Services (NASDAQ:COFS) released its quarterly earnings data on Friday. The company reported $0.83 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.05), FiscalAI reports. ChoiceOne Financial Services had a return on equity of 12.31% and a net margin of 23.07%.The business had revenue of $41.64 million during the quarter, compared to the consensus estimate of $43.45 million.

ChoiceOne Financial Services Price Performance

Shares of NASDAQ:COFS traded down $1.19 on Friday, hitting $32.48. The company’s stock had a trading volume of 46,359 shares, compared to its average volume of 86,738. The company has a market capitalization of $486.63 million, a PE ratio of 8.78 and a beta of 0.59. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.83 and a quick ratio of 0.83. The company has a 50-day simple moving average of $32.49 and a 200 day simple moving average of $30.33. ChoiceOne Financial Services has a 1 year low of $26.09 and a 1 year high of $35.40.

ChoiceOne Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.29 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.16 annualized dividend and a dividend yield of 3.6%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is presently 31.35%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. DA Davidson increased their target price on ChoiceOne Financial Services from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Weiss Ratings upgraded ChoiceOne Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of COFS. Cubist Systematic Strategies LLC purchased a new stake in ChoiceOne Financial Services in the first quarter valued at approximately $195,000. Empowered Funds LLC grew its stake in ChoiceOne Financial Services by 8.1% in the 1st quarter. Empowered Funds LLC now owns 30,701 shares of the company’s stock worth $883,000 after buying an additional 2,312 shares in the last quarter. Jane Street Group LLC bought a new position in shares of ChoiceOne Financial Services in the 1st quarter worth $477,000. JPMorgan Chase & Co. increased its holdings in shares of ChoiceOne Financial Services by 127.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 54,019 shares of the company’s stock worth $1,550,000 after buying an additional 30,220 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of ChoiceOne Financial Services by 74.6% in the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock worth $37,000 after buying an additional 554 shares during the last quarter. 19.90% of the stock is currently owned by institutional investors.

ChoiceOne Financial Services Company Profile

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.