ChoiceOne Financial Services (NASDAQ:COFS) Releases Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• ChoiceOne (NASDAQ:COFS) beat earnings with Q reported EPS of $0.91 vs. $0.85 expected (beat $0.06), while revenue slightly missed at $42.46M vs. $42.70M; the company posted a return on equity of 11.62% and a net margin of 12.38%.
• The board paid a quarterly dividend of $0.29 (annualized $1.16) for a yield of 3.8% and a payout ratio of 77.33%.
• Insiders bought shares recently (directors purchased a total of 9,350 shares, ~ $261.8K) and now own 5.93%; the stock traded up to $30.81 and Wall Street’s consensus is a Hold with an average price target of $36.00.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) released its quarterly earnings results on Friday. The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.06, FiscalAI reports. The business had revenue of $42.46 million for the quarter, compared to analysts' expectations of $42.70 million. ChoiceOne Financial Services had a return on equity of 11.62% and a net margin of 12.38%.

ChoiceOne Financial Services Price Performance

COFS stock traded up $0.63 on Friday, reaching $30.81. The company had a trading volume of 41,701 shares, compared to its average volume of 82,680. ChoiceOne Financial Services has a 1 year low of $26.09 and a 1 year high of $35.40. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.85 and a current ratio of 0.86. The company's fifty day moving average is $28.79 and its 200 day moving average is $29.23. The company has a market cap of $460.92 million, a P/E ratio of 20.48 and a beta of 0.59.

ChoiceOne Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a $0.29 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.16 dividend on an annualized basis and a yield of 3.8%. ChoiceOne Financial Services's dividend payout ratio is presently 77.33%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on COFS shares. Weiss Ratings restated a "hold (c)" rating on shares of ChoiceOne Financial Services in a report on Monday. Hovde Group cut ChoiceOne Financial Services from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 7th. DA Davidson restated a "buy" rating and issued a $36.00 price target on shares of ChoiceOne Financial Services in a report on Tuesday, February 3rd. Finally, Wall Street Zen lowered ChoiceOne Financial Services from a "buy" rating to a "hold" rating in a research note on Sunday, March 22nd. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, ChoiceOne Financial Services presently has a consensus rating of "Hold" and an average price target of $36.00.

Insider Buying and Selling

In related news, Director Eric E. Burrough bought 5,000 shares of ChoiceOne Financial Services stock in a transaction that occurred on Wednesday, March 11th. The shares were purchased at an average price of $27.50 per share, with a total value of $137,500.00. Following the purchase, the director owned 180,397 shares in the company, valued at $4,960,917.50. This represents a 2.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gregory A. Mcconnell bought 1,050 shares of ChoiceOne Financial Services stock in a transaction that occurred on Friday, March 6th. The stock was bought at an average cost of $27.94 per share, for a total transaction of $29,337.00. Following the purchase, the director owned 37,000 shares in the company, valued at $1,033,780. This represents a 2.92% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 9,350 shares of company stock worth $261,844 in the last quarter. Corporate insiders own 5.93% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Invesco Ltd. lifted its stake in shares of ChoiceOne Financial Services by 7.4% during the 4th quarter. Invesco Ltd. now owns 20,099 shares of the company's stock worth $593,000 after purchasing an additional 1,388 shares during the period. State of Tennessee Department of Treasury purchased a new position in shares of ChoiceOne Financial Services during the 4th quarter worth $306,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of ChoiceOne Financial Services during the 4th quarter worth $777,000. Millennium Management LLC purchased a new position in shares of ChoiceOne Financial Services during the 4th quarter worth $666,000. Finally, AQR Capital Management LLC purchased a new position in shares of ChoiceOne Financial Services during the 4th quarter worth $222,000. 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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