ChoiceOne Financial Services (NASDAQ:COFS) Trading Up 3.8% - Still a Buy?

Key Points

• ChoiceOne Financial Services stock jumped 3.8% mid-day to $30.94 (intraday high $31.37) on volume of ~123,122 shares, about 73% above average.
• Analysts maintain a consensus rating of "Hold" (one Buy, three Hold) with an average price target of $36.00.
• The company pays a quarterly $0.29 dividend (annualized yield ~3.7%) and reported Q4 EPS of $0.92 (beat by $0.01) despite a slight revenue miss, while insiders have recently purchased shares.

ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report)'s stock price shot up 3.8% during mid-day trading on Friday . The company traded as high as $31.37 and last traded at $30.94. 123,122 shares traded hands during mid-day trading, an increase of 73% from the average session volume of 71,076 shares. The stock had previously closed at $29.81.

Analyst Ratings Changes

Several equities research analysts have commented on COFS shares. Weiss Ratings restated a "hold (c)" rating on shares of ChoiceOne Financial Services in a research report on Wednesday, January 21st. DA Davidson reiterated a "buy" rating and issued a $36.00 target price on shares of ChoiceOne Financial Services in a research note on Tuesday, February 3rd. Hovde Group downgraded shares of ChoiceOne Financial Services from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 7th. Finally, Wall Street Zen lowered shares of ChoiceOne Financial Services from a "buy" rating to a "hold" rating in a research report on Sunday, March 22nd. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $36.00.

ChoiceOne Financial Services Stock Up 3.8%

The company has a market cap of $462.86 million, a price-to-earnings ratio of 20.63 and a beta of 0.59. The business has a fifty day moving average of $28.73 and a two-hundred day moving average of $29.18. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.67.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last issued its quarterly earnings data on Friday, January 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $42.94 million for the quarter, compared to analyst estimates of $43.80 million. ChoiceOne Financial Services had a return on equity of 11.62% and a net margin of 12.38%. As a group, equities analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Friday, March 13th. ChoiceOne Financial Services's payout ratio is presently 77.33%.

Insider Activity at ChoiceOne Financial Services

In related news, Director Bradley F. Mcginnis acquired 1,000 shares of ChoiceOne Financial Services stock in a transaction on Tuesday, March 3rd. The stock was bought at an average cost of $29.15 per share, for a total transaction of $29,150.00. Following the completion of the transaction, the director owned 15,301 shares of the company's stock, valued at approximately $446,024.15. The trade was a 6.99% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eric E. Burrough acquired 5,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were bought at an average cost of $27.50 per share, for a total transaction of $137,500.00. Following the completion of the acquisition, the director owned 180,397 shares of the company's stock, valued at approximately $4,960,917.50. This represents a 2.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 9,350 shares of company stock valued at $261,844. Insiders own 5.93% of the company's stock.

Institutional Investors Weigh In On ChoiceOne Financial Services

Institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp purchased a new stake in ChoiceOne Financial Services during the 3rd quarter worth approximately $32,000. Legal & General Group Plc lifted its position in shares of ChoiceOne Financial Services by 74.6% in the second quarter. Legal & General Group Plc now owns 1,297 shares of the company's stock valued at $37,000 after acquiring an additional 554 shares in the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of ChoiceOne Financial Services in the third quarter worth approximately $46,000. Tower Research Capital LLC TRC boosted its stake in shares of ChoiceOne Financial Services by 617.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company's stock worth $65,000 after acquiring an additional 1,945 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in shares of ChoiceOne Financial Services during the third quarter worth approximately $133,000. 19.90% of the stock is currently owned by institutional investors and hedge funds.

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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