ChoiceOne Financial Services (NASDAQ:COFS) Cut to "Hold" at Wall Street Zen

Key Points

• ChoiceOne Financial Services has been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen in a recent research note.
• The company's recent earnings report showed an earnings per share (EPS) of $0.91, exceeding the expected $0.80 EPS, with revenues of $42.83 million compared to estimates of $38.95 million.
• Institutional investors are actively modifying their positions in ChoiceOne Financial Services, with BNP Paribas Financial Markets purchasing a new stake valued at approximately $352,000.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

ChoiceOne Financial Services Trading Up 0.0%

Shares of COFS stock traded up $0.01 during mid-day trading on Friday, reaching $29.90. The company's stock had a trading volume of 51,909 shares, compared to its average volume of 63,341. The company's 50 day simple moving average is $29.29 and its 200-day simple moving average is $29.38. ChoiceOne Financial Services has a 12-month low of $24.89 and a 12-month high of $38.15. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $449.10 million, a PE ratio of 23.73 and a beta of 0.57.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last issued its earnings results on Friday, July 25th. The company reported $0.91 EPS for the quarter, beating 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 11.26%. The business had revenue of $42.83 million for the quarter, compared to the consensus estimate of $38.95 million. On average, research analysts predict that ChoiceOne Financial Services will post 3.67 EPS for the current fiscal year.

Institutional Investors Weigh In On ChoiceOne Financial Services

A number of large investors have recently added to or reduced their stakes in COFS. ProShare Advisors LLC acquired a new stake in ChoiceOne Financial Services during the 2nd quarter valued at $5,973,000. Geode Capital Management LLC grew its holdings in ChoiceOne Financial Services by 70.4% during the 2nd quarter. Geode Capital Management LLC now owns 324,220 shares of the company's stock valued at $9,307,000 after purchasing an additional 133,999 shares in the last quarter. Jacobs Asset Management LLC grew its holdings in ChoiceOne Financial Services by 149.9% during the 1st quarter. Jacobs Asset Management LLC now owns 156,159 shares of the company's stock valued at $4,493,000 after purchasing an additional 93,659 shares in the last quarter. American Century Companies Inc. grew its holdings in ChoiceOne Financial Services by 47.4% during the 1st quarter. American Century Companies Inc. now owns 102,982 shares of the company's stock valued at $2,963,000 after purchasing an additional 33,140 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in ChoiceOne Financial Services by 127.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 54,019 shares of the company's stock valued at $1,550,000 after purchasing an additional 30,220 shares in the last quarter. 19.90% of the stock is owned by institutional investors and hedge funds.

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.