ChoiceOne Financial Services (NASDAQ:COFS) Releases Quarterly Earnings Results, Beats Estimates 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, beating the consensus estimate of $0.80 by $0.11, Zacks reports. ChoiceOne Financial Services had a net margin of 4.74% and a return on equity of 10.93%. The firm had revenue of $42.83 million for the quarter, compared to the consensus estimate of $38.95 million.

ChoiceOne Financial Services Stock Up 4.6%

Shares of COFS traded up $1.33 during mid-day trading on Friday, hitting $30.36. 81,710 shares of the company traded hands, compared to its average volume of 138,101. ChoiceOne Financial Services has a 1-year low of $24.89 and a 1-year high of $38.15. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $454.91 million, a PE ratio of 24.68 and a beta of 0.55. The business has a 50 day moving average of $29.33 and a 200 day moving average of $29.95.

ChoiceOne Financial Services Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Friday, June 13th. This represents a $1.12 annualized dividend and a dividend yield of 3.69%. ChoiceOne Financial Services's dividend payout ratio (DPR) is currently 91.06%.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of ChoiceOne Financial Services from a "hold" rating to a "buy" rating in a report on Saturday.

Hedge Funds Weigh In On ChoiceOne Financial Services

Several hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC purchased a new stake in ChoiceOne Financial Services in the first quarter valued at approximately $195,000. Jane Street Group LLC purchased a new stake in ChoiceOne Financial Services in the first quarter valued at approximately $477,000. Finally, Empowered Funds LLC boosted its position in ChoiceOne Financial Services by 8.1% in the first quarter. Empowered Funds LLC now owns 30,701 shares of the company's stock valued at $883,000 after buying an additional 2,312 shares during the last quarter. Institutional investors and hedge funds own 19.90% of the company's stock.

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.

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