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

ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) announced a quarterly dividend on Wednesday, May 21st, RTT News reports. Stockholders of record on Friday, June 13th will be given a dividend of 0.28 per share on Monday, June 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend is Friday, June 13th.

ChoiceOne Financial Services has increased its dividend by an average of 5.1% annually over the last three years and has raised its dividend every year for the last 13 years. ChoiceOne Financial Services has a dividend payout ratio of 30.1% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

Shares of NASDAQ COFS traded up $0.64 during trading on Tuesday, hitting $30.01. The company had a trading volume of 15,910 shares, compared to its average volume of 36,286. The business's 50-day moving average is $28.09 and its 200 day moving average is $31.99. The company has a market cap of $449.67 million, a P/E ratio of 9.21 and a beta of 0.56. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.74 and a current ratio of 0.74. ChoiceOne Financial Services has a 52 week low of $24.01 and a 52 week high of $38.15.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.86 earnings per share (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. Equities research analysts predict that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on the company. DA Davidson lowered their target price on 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. Janney Montgomery Scott upgraded ChoiceOne Financial Services from a "neutral" rating to a "buy" rating in a report on Monday, March 3rd. Finally, Hovde Group started coverage on shares of ChoiceOne Financial Services in a research note on Monday, March 10th. They issued an "outperform" rating and a $35.00 target price for the company.

Institutional Trading of ChoiceOne Financial Services

Large investors have recently made changes to their positions in the stock. Empowered Funds LLC lifted its holdings 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 purchasing an additional 2,312 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of ChoiceOne Financial Services in the first quarter worth $477,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of ChoiceOne Financial Services during the 1st quarter worth $195,000. Institutional investors own 19.90% of the company's stock.

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.