ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Update
by Tristan Rich · The Markets DailyChoiceOne Financial Services, Inc. (NASDAQ:COFS – Get Free Report) was the target of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 200,550 shares, an increase of 76.5% from the February 26th total of 113,635 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average daily volume of 104,655 shares, the days-to-cover ratio is presently 1.9 days.
Insider Buying and Selling at ChoiceOne Financial Services
In other ChoiceOne Financial Services news, Director Brian P. Petty sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $29.56, for a total transaction of $443,400.00. Following the completion of the sale, the director directly owned 91,107 shares of the company’s stock, valued at approximately $2,693,122.92. This represents a 14.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric E. Burrough purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was acquired at an average price of $27.50 per share, for a total transaction of $137,500.00. Following the completion of the transaction, the director directly owned 180,397 shares of the company’s stock, valued at approximately $4,960,917.50. This trade represents a 2.85% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 9,350 shares of company stock worth $261,844 over the last 90 days. 5.93% of the stock is owned by company insiders.
Institutional Trading of ChoiceOne Financial Services
Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of ChoiceOne Financial Services by 1.0% in the third quarter. Vanguard Group Inc. now owns 806,507 shares of the company’s stock valued at $23,356,000 after purchasing an additional 8,209 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of ChoiceOne Financial Services by 70.4% in the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company’s stock worth $9,307,000 after buying an additional 133,999 shares in the last quarter. State Street Corp increased its holdings in shares of ChoiceOne Financial Services by 12.0% in the 4th quarter. State Street Corp now owns 314,213 shares of the company’s stock worth $9,276,000 after buying an additional 33,739 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of ChoiceOne Financial Services by 1.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 226,161 shares of the company’s stock valued at $6,491,000 after buying an additional 2,509 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of ChoiceOne Financial Services by 60.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 202,911 shares of the company’s stock valued at $5,990,000 after acquiring an additional 76,226 shares during the last quarter. Institutional investors own 19.90% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have issued reports on COFS shares. Weiss Ratings reissued a “hold (c)” rating on shares of ChoiceOne Financial Services in a report on Wednesday, January 21st. DA Davidson restated a “buy” rating and set a $36.00 target price on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. Hovde Group lowered shares of ChoiceOne Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Finally, Wall Street Zen downgraded shares of ChoiceOne Financial Services from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.00.
View Our Latest Report on COFS
ChoiceOne Financial Services Trading Down 1.6%
ChoiceOne Financial Services stock opened at $27.22 on Friday. ChoiceOne Financial Services has a 1 year low of $24.89 and a 1 year high of $35.40. The firm’s 50 day moving average price is $28.73 and its 200-day moving average price is $29.23. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market cap of $407.76 million, a P/E ratio of 18.15 and a beta of 0.58.
ChoiceOne Financial Services (NASDAQ:COFS – Get Free Report) last issued its earnings results on Friday, January 30th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The firm had revenue of $42.94 million during the quarter, compared to analyst estimates of $43.80 million. ChoiceOne Financial Services had a net margin of 12.38% and a return on equity of 11.62%. On average, equities analysts predict that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.
ChoiceOne Financial Services Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, March 13th. ChoiceOne Financial Services’s payout ratio is currently 77.33%.
About ChoiceOne Financial Services
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.