ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Declares $0.28 Quarterly Dividend

ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) declared a quarterly dividend on Wednesday, May 21st, RTT News reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.28 per share on Monday, June 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.78%.

ChoiceOne Financial Services has increased its dividend payment by an average of 5.1% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. ChoiceOne Financial Services has a dividend payout ratio of 30.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect ChoiceOne Financial Services to earn $3.85 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 29.1%.

ChoiceOne Financial Services Stock Down 2.8%

COFS stock opened at $29.63 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $443.98 million, a P/E ratio of 9.20 and a beta of 0.56. ChoiceOne Financial Services has a fifty-two week low of $23.71 and a fifty-two week high of $38.15. The business has a 50-day moving average of $28.05 and a 200-day moving average of $32.12.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.04. ChoiceOne Financial Services had a net margin of 19.21% and a return on equity of 12.44%. The company had revenue of $31.23 million during the quarter, compared to the consensus estimate of $29.70 million. On average, sell-side analysts anticipate that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ChoiceOne Financial Services

A number of large investors have recently modified their holdings of COFS. Empowered Funds LLC lifted its position in shares of ChoiceOne Financial Services by 8.1% during 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 during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of ChoiceOne Financial Services in the first quarter worth about $195,000. Finally, Jane Street Group LLC acquired a new stake in shares of ChoiceOne Financial Services in the 1st quarter valued at approximately $477,000. Institutional investors and hedge funds own 19.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on COFS. Hovde Group started coverage on shares of ChoiceOne Financial Services in a report on Monday, March 10th. They issued an "outperform" rating and a $35.00 price objective on the stock. Janney Montgomery Scott raised ChoiceOne Financial Services from a "neutral" rating to a "buy" rating in a research note on Monday, March 3rd. Finally, DA Davidson reduced their price objective on shares of ChoiceOne Financial Services from $41.00 to $39.00 and set a "buy" rating on the stock in a research note on Monday, January 27th.

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.

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