American Century Companies Inc. Acquires 33,140 Shares of ChoiceOne Financial Services, Inc. $COFS

Key Points

• American Century Companies Inc. increased its holdings in ChoiceOne Financial Services by 47.4%, owning approximately $2.96 million worth of shares.
• ChoiceOne reported a quarterly dividend of $0.28, with a yield of 3.6%, set to be paid on September 30th.
• Following positive earnings results, analysts have upgraded ChoiceOne's stock rating from "strong sell" to "hold," with a consensus price target of $37.00.

American Century Companies Inc. increased its position in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) by 47.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 102,982 shares of the company's stock after buying an additional 33,140 shares during the period. American Century Companies Inc. owned 1.15% of ChoiceOne Financial Services worth $2,963,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. The Manufacturers Life Insurance Company boosted its holdings in shares of ChoiceOne Financial Services by 0.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 224,304 shares of the company's stock worth $7,994,000 after buying an additional 890 shares during the period. Northern Trust Corp boosted its holdings in shares of ChoiceOne Financial Services by 2.1% during the 4th quarter. Northern Trust Corp now owns 65,963 shares of the company's stock worth $2,351,000 after buying an additional 1,374 shares during the period. Bridgeway Capital Management LLC boosted its holdings in ChoiceOne Financial Services by 2.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 56,889 shares of the company's stock valued at $2,028,000 after purchasing an additional 1,329 shares during the period. Citadel Advisors LLC boosted its holdings in ChoiceOne Financial Services by 10.6% in the 4th quarter. Citadel Advisors LLC now owns 24,286 shares of the company's stock valued at $866,000 after purchasing an additional 2,321 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in ChoiceOne Financial Services by 30.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 22,450 shares of the company's stock valued at $800,000 after purchasing an additional 5,290 shares during the period. 19.90% of the stock is owned by institutional investors.

ChoiceOne Financial Services Price Performance

Shares of COFS stock traded up $0.13 during mid-day trading on Thursday, reaching $30.71. The company's stock had a trading volume of 18,148 shares, compared to its average volume of 70,213. ChoiceOne Financial Services, Inc. has a 1-year low of $24.89 and a 1-year high of $38.15. The company has a market cap of $461.11 million, a P/E ratio of 24.36 and a beta of 0.59. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 0.85. The firm's 50-day moving average is $29.77 and its two-hundred day moving average is $29.22.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last announced its earnings results on Friday, July 25th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.11. The business had revenue of $42.83 million during the quarter, compared to analysts' expectations of $38.95 million. ChoiceOne Financial Services had a net margin of 7.95% and a return on equity of 11.26%. On average, research analysts predict that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.28 per share. The ex-dividend date is Monday, September 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.6%. ChoiceOne Financial Services's dividend payout ratio (DPR) is 88.89%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of ChoiceOne Financial Services from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Zacks Research raised shares of ChoiceOne Financial Services from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, ChoiceOne Financial Services presently has an average rating of "Moderate Buy" and an average target price of $37.00.

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.