ChoiceOne Financial Services (NASDAQ:COFS) Issues Quarterly Earnings Results

Key Points

• ChoiceOne Financial Services reported quarterly EPS of $0.83, missing analyst expectations of $0.88, and revenue of $41.64 million, also below forecasts of $43.45 million.
• The stock fell on the news, trading down to $32.63 on Friday, while remaining near its 52-week range of $26.09 to $35.40.
• The company recently paid a quarterly dividend of $0.29 per share, equal to a 3.6% annualized yield, and analysts currently rate the stock a Moderate Buy with a $34.00 consensus price target.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) issued its earnings results on Friday. The company reported $0.83 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.88 by ($0.05), FiscalAI reports. ChoiceOne Financial Services had a return on equity of 12.31% and a net margin of 23.07%.The business had revenue of $41.64 million for the quarter, compared to analysts' expectations of $43.45 million.

ChoiceOne Financial Services Price Performance

Shares of ChoiceOne Financial Services stock traded down $1.04 during trading on Friday, hitting $32.63. 45,897 shares of the company were exchanged, compared to its average volume of 86,736. ChoiceOne Financial Services has a fifty-two week low of $26.09 and a fifty-two week high of $35.40. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average price of $32.49 and a 200 day moving average price of $30.33. The stock has a market capitalization of $488.80 million, a price-to-earnings ratio of 8.82 and a beta of 0.59.

ChoiceOne Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, June 15th. ChoiceOne Financial Services's payout ratio is currently 31.35%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings upgraded ChoiceOne Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. DA Davidson boosted their target price on shares of ChoiceOne Financial Services from $32.00 to $34.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, ChoiceOne Financial Services has a consensus rating of "Moderate Buy" and a consensus price target of $34.00.

Hedge Funds Weigh In On ChoiceOne Financial Services

Several hedge funds have recently bought and sold shares of COFS. Vanguard Group Inc. raised 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 worth $23,356,000 after acquiring an additional 8,209 shares during the last quarter. State Street Corp raised its stake in ChoiceOne Financial Services by 12.0% in the 4th quarter. State Street Corp now owns 314,213 shares of the company's stock valued at $9,276,000 after purchasing an additional 33,739 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in ChoiceOne Financial Services by 1.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 226,161 shares of the company's stock valued at $6,491,000 after purchasing an additional 2,509 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of ChoiceOne Financial Services by 60.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 202,911 shares of the company's stock worth $5,990,000 after purchasing an additional 76,226 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of ChoiceOne Financial Services by 556.4% during the fourth quarter. Jane Street Group LLC now owns 146,782 shares of the company's stock worth $4,333,000 after buying an additional 124,419 shares in the last quarter. Hedge funds and other institutional investors own 19.90% of the company's stock.

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.

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