ChoiceOne Financial Services (NASDAQ:COFS) Stock Price Expected to Rise, Hovde Group Analyst Says

Key Points

• Hovde Group raised ChoiceOne Financial Services’ price target from $32 to $35 while maintaining a “market perform” rating, implying about 6.97% upside. Analysts overall assign the stock a “Moderate Buy” rating with an average target of $34.50.
• ChoiceOne’s latest quarterly results fell short of expectations: EPS was $0.83 versus the $0.88 consensus estimate, while revenue reached $41.64 million compared with expectations of $43.45 million.
• Institutional ownership stands at 19.90%, with JPMorgan Chase and Legal & General among investors that increased their positions during the second quarter.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) had its price target hoisted by equities researchers at Hovde Group from $32.00 to $35.00 in a research note issued to investors on Monday. The brokerage currently has a "market perform" rating on the stock. Hovde Group's price target would indicate a potential upside of 6.97% from the stock's current price.

Several other research analysts have also recently issued reports on the stock. DA Davidson lifted their target price on shares of ChoiceOne Financial Services from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Weiss Ratings raised ChoiceOne Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, ChoiceOne Financial Services presently has an average rating of "Moderate Buy" and an average price target of $34.50.

ChoiceOne Financial Services Stock Performance

ChoiceOne Financial Services stock opened at $32.72 on Monday. ChoiceOne Financial Services has a 12 month low of $26.09 and a 12 month high of $35.40. The company has a market capitalization of $490.15 million, a price-to-earnings ratio of 9.01 and a beta of 0.59. The business's fifty day simple moving average is $32.54 and its two-hundred day simple moving average is $30.35. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.50.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.05). ChoiceOne Financial Services had a return on equity of 12.18% and a net margin of 22.77%.The company had revenue of $41.64 million during the quarter, compared to analysts' expectations of $43.45 million. As a group, equities analysts predict that ChoiceOne Financial Services will post 3.6 earnings per share for the current fiscal year.

Institutional Trading of ChoiceOne Financial Services

A number of large investors have recently made changes to their positions in COFS. Cubist Systematic Strategies LLC bought a new position in ChoiceOne Financial Services during the first quarter valued at approximately $195,000. Empowered Funds LLC raised its stake 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 buying an additional 2,312 shares during the last quarter. Jane Street Group LLC purchased a new stake in ChoiceOne Financial Services during the 1st quarter valued at $477,000. JPMorgan Chase & Co. lifted its holdings in shares of 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 buying an additional 30,220 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of ChoiceOne Financial Services by 74.6% during the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company's stock valued at $37,000 after buying an additional 554 shares during the period. 19.90% of the stock is currently owned by institutional investors.

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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