ChoiceOne Financial Services (NASDAQ:COFS) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Key Points

• ChoiceOne Financial Services reported quarterly earnings of $0.91 per share, exceeding analysts' expectations by $0.11.
• The company's revenue for the quarter was $42.83 million, surpassing the consensus estimate of $38.95 million.
• ChoiceOne will also pay a quarterly dividend of $0.28 per share, which translates to an annualized dividend yield of 3.69%.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) posted its quarterly earnings data on Friday. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.11, Zacks reports. ChoiceOne Financial Services had a return on equity of 12.35% and a net margin of 7.95%. The company had revenue of $42.83 million for the quarter, compared to analysts' expectations of $38.95 million.

ChoiceOne Financial Services Trading Down 1.1%

Shares of NASDAQ COFS traded down $0.33 during mid-day trading on Wednesday, reaching $29.59. 72,193 shares of the company's stock were exchanged, compared to its average volume of 72,017. ChoiceOne Financial Services has a 52-week low of $24.89 and a 52-week high of $38.15. The firm has a market capitalization of $443.26 million, a price-to-earnings ratio of 23.48 and a beta of 0.55. The company's 50-day moving average is $29.31 and its 200-day moving average is $29.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.83.

ChoiceOne Financial Services Dividend Announcement

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 dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date was Friday, June 13th. ChoiceOne Financial Services's dividend payout ratio is presently 88.89%.

Hedge Funds Weigh In On ChoiceOne Financial Services

Hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC boosted its holdings in ChoiceOne Financial Services by 8.1% during the 1st quarter. Empowered Funds LLC now owns 30,701 shares of the company's stock valued at $883,000 after acquiring an additional 2,312 shares during the period. Cubist Systematic Strategies LLC purchased a new position in ChoiceOne Financial Services in the first quarter valued at $195,000. Finally, Jane Street Group LLC purchased a new position in ChoiceOne Financial Services in the first quarter valued at $477,000. Hedge funds and other institutional investors own 19.90% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen raised ChoiceOne Financial Services from a "hold" rating to a "buy" rating in a research note on Saturday.

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.