ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Down 34.6% in December
by Renee Jackson · The Cerbat GemChoiceOne Financial Services, Inc. (NASDAQ:COFS – Get Free Report) saw a significant decrease in short interest in December. As of December 31st, there was short interest totaling 143,866 shares, a decrease of 34.6% from the December 15th total of 220,050 shares. Currently, 1.0% of the shares of the company are sold short. Based on an average daily volume of 122,657 shares, the days-to-cover ratio is presently 1.2 days. Based on an average daily volume of 122,657 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.0% of the shares of the company are sold short.
ChoiceOne Financial Services Price Performance
Shares of NASDAQ COFS traded down $0.01 during trading on Friday, hitting $28.65. The company had a trading volume of 27,485 shares, compared to its average volume of 75,010. ChoiceOne Financial Services has a 52 week low of $24.89 and a 52 week high of $35.40. The business’s 50-day moving average is $30.05 and its 200 day moving average is $29.64. The company has a market cap of $430.25 million, a P/E ratio of 20.91 and a beta of 0.61. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.84.
ChoiceOne Financial Services (NASDAQ:COFS – Get Free Report) last issued its earnings results on Friday, October 24th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. The business had revenue of $44.74 million for the quarter, compared to analysts’ expectations of $42.15 million. ChoiceOne Financial Services had a return on equity of 11.52% and a net margin of 10.57%. Equities research analysts predict that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.
ChoiceOne Financial Services Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were paid a dividend of $0.29 per share. This is a boost from ChoiceOne Financial Services’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Monday, December 15th. ChoiceOne Financial Services’s payout ratio is currently 84.67%.
Insider Activity at ChoiceOne Financial Services
In related news, Director Eric E. Burrough acquired 5,000 shares of the business’s stock in a transaction that occurred on 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 purchase, the director directly owned 174,833 shares in the company, valued at $4,982,740.50. This trade represents a 2.94% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 5.93% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in COFS. ProShare Advisors LLC purchased a new position in shares of ChoiceOne Financial Services during the second quarter valued at $5,973,000. Geode Capital Management LLC grew its stake in ChoiceOne Financial Services by 70.4% during the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock valued at $9,307,000 after acquiring an additional 133,999 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of ChoiceOne Financial Services by 128.1% in the 2nd quarter. Squarepoint Ops LLC now owns 34,301 shares of the company’s stock valued at $984,000 after purchasing an additional 19,263 shares during the period. CWM LLC increased its holdings in shares of ChoiceOne Financial Services by 6.0% in the 2nd quarter. CWM LLC now owns 8,223 shares of the company’s stock valued at $236,000 after purchasing an additional 466 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of ChoiceOne Financial Services by 1.1% in the second quarter. The Manufacturers Life Insurance Company now owns 226,161 shares of the company’s stock worth $6,491,000 after purchasing an additional 2,509 shares in the last quarter. 19.90% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
COFS has been the topic of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, October 8th. Hovde Group lowered shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, Wall Street Zen upgraded ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $37.00.
Get Our Latest Stock Report on COFS
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.