ChoiceOne Financial Services (NASDAQ:COFS) Raised to "Buy" at Wall Street Zen

Key Points

• ChoiceOne Financial Services has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, signaling increased investor confidence in the company's potential.
• The company's latest earnings report showed $0.86 earnings per share, surpassing the consensus estimate of $0.82, along with revenue of $31.23 million, which exceeded expectations.
• Institutional investors have increased their positions in ChoiceOne Financial, with notable increases from firms like American Century Companies, which raised its stake by 401.9% during the fourth quarter.

Wall Street Zen upgraded shares of ChoiceOne Financial Services (NASDAQ:COFS - Free Report) from a hold rating to a buy rating in a report released on Saturday.

ChoiceOne Financial Services Price Performance

Shares of COFS stock traded down $0.30 on Friday, hitting $29.92. 46,193 shares of the stock traded hands, compared to its average volume of 79,741. The firm has a market cap of $448.20 million, a price-to-earnings ratio of 23.75 and a beta of 0.55. ChoiceOne Financial Services has a 52 week low of $24.89 and a 52 week high of $38.15. The firm has a 50 day simple moving average of $29.31 and a two-hundred day simple moving average of $29.88. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.83 and a quick ratio of 0.83.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last posted its earnings results on Friday, July 25th. The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.11. ChoiceOne Financial Services had a net margin of 7.95% and a return on equity of 12.35%. The firm had revenue of $42.83 million for the quarter, compared to the consensus estimate of $38.95 million. As a group, equities research analysts predict that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.28 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.12 annualized dividend and a dividend yield of 3.74%. ChoiceOne Financial Services's dividend payout ratio is currently 88.89%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. GAMMA Investing LLC increased its stake in ChoiceOne Financial Services by 35,137.5% during the 1st quarter. GAMMA Investing LLC now owns 2,819 shares of the company's stock valued at $81,000 after purchasing an additional 2,811 shares in the last quarter. Mattson Financial Services LLC raised its position in shares of ChoiceOne Financial Services by 58.0% during the 4th quarter. Mattson Financial Services LLC now owns 2,575 shares of the company's stock worth $92,000 after purchasing an additional 945 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of ChoiceOne Financial Services by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 4,891 shares of the company's stock worth $174,000 after buying an additional 1,065 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in ChoiceOne Financial Services during the first quarter worth about $195,000. Finally, CWM LLC increased its position in shares of ChoiceOne Financial Services by 58.9% during the first quarter. CWM LLC now owns 7,757 shares of the company's stock valued at $223,000 after acquiring an additional 2,876 shares during the last quarter. Institutional investors own 19.90% of the company's stock.

ChoiceOne Financial Services Company Profile

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.