DA Davidson Forecasts Strong Price Appreciation for ChoiceOne Financial Services (NASDAQ:COFS) Stock

Key Points

• DA Davidson raised its price target for ChoiceOne Financial Services from $38 to $40 and maintained a “buy” rating, implying 9.56% upside. Analysts overall give the stock a “Moderate Buy” consensus with a $37.50 average target.
• COFS shares rose 3.0% to $36.51, near their 12-month high of $37.10. The company recently exceeded quarterly expectations, reporting $1.05 in EPS versus the $0.93 consensus and revenue of $45.19 million.
• Institutional ownership stands at 19.9%, with major investors including BlackRock and Manufacturers Life Insurance taking new positions during the second quarter.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) had its target price hoisted by research analysts at DA Davidson from $38.00 to $40.00 in a report issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. DA Davidson's price target suggests a potential upside of 9.56% from the stock's current price.

Several other research firms have also issued reports on COFS. Hovde Group lifted their target price on shares of ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Weiss Ratings restated a "buy (b)" rating on shares of ChoiceOne Financial Services in a research note on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.50.

ChoiceOne Financial Services Trading Up 3.0%

Shares of NASDAQ COFS traded up $1.06 during midday trading on Monday, hitting $36.51. 8,913 shares of the company traded hands, compared to its average volume of 84,496. ChoiceOne Financial Services has a 12-month low of $26.63 and a 12-month high of $37.10. The stock has a 50-day moving average price of $33.40 and a 200 day moving average price of $31.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $546.17 million, a P/E ratio of 10.04 and a beta of 0.61.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last announced its earnings results on Friday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.12. The firm had revenue of $45.19 million during the quarter, compared to analyst estimates of $44.50 million. ChoiceOne Financial Services had a return on equity of 12.13% and a net margin of 22.66%. As a group, analysts expect that ChoiceOne Financial Services will post 3.65 earnings per share for the current year.

Institutional Investors Weigh In On ChoiceOne Financial Services

A number of institutional investors have recently added to or reduced their stakes in COFS. BlackRock Inc. purchased a new position in shares of ChoiceOne Financial Services during the second quarter valued at about $36,957,000. The Manufacturers Life Insurance Company bought a new stake in shares of ChoiceOne Financial Services in the second quarter worth about $7,466,000. Jacobs Asset Management LLC increased its holdings in shares of ChoiceOne Financial Services by 19.7% in the first quarter. Jacobs Asset Management LLC now owns 196,227 shares of the company's stock worth $5,518,000 after purchasing an additional 32,330 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of ChoiceOne Financial Services in the second quarter worth about $1,571,000. Finally, Bank of America Corp DE purchased a new stake in shares of ChoiceOne Financial Services during the 2nd quarter worth approximately $1,651,000. 19.90% of the stock is owned by hedge funds and other institutional investors.

About ChoiceOne Financial Services

ChoiceOne Financial Services, Inc NASDAQ: COFS is the bank holding company for ChoiceOne Bank, a community banking organization headquartered in Sparta, Michigan. The company serves individuals, families, farmers and businesses through a network of branches and digital banking channels primarily across western and central Michigan.

ChoiceOne Bank provides a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and commercial lending.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.