Bank of America Corp DE Makes New $1.65 Million Investment in ChoiceOne Financial Services, Inc. $COFS

Key Points

• Bank of America initiated a $1.65 million position in ChoiceOne Financial Services during the second quarter, acquiring 48,550 shares, or approximately 0.32% of the company. Institutional investors collectively own 19.9% of COFS.
• ChoiceOne reported quarterly EPS of $0.83, below the $0.88 consensus estimate, while revenue of $41.64 million also missed expectations. Analysts project full-year EPS of $3.63.
• The company maintains a quarterly dividend of $0.29, equivalent to $1.16 annually and a 3.5% yield. Analysts hold a “Moderate Buy” consensus rating with an average price target of $36.50, compared with a recent share price of $32.87.

Bank of America Corp DE bought a new position in ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 48,550 shares of the company's stock, valued at approximately $1,651,000. Bank of America Corp DE owned approximately 0.32% of ChoiceOne Financial Services as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in COFS. BlackRock Inc. purchased a new position in shares of ChoiceOne Financial Services in the 2nd quarter worth about $36,957,000. Dimensional Fund Advisors LP raised its holdings in shares of ChoiceOne Financial Services by 18.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 240,425 shares of the company's stock valued at $6,760,000 after buying an additional 37,514 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in ChoiceOne Financial Services in the 2nd quarter worth approximately $7,466,000. Jacobs Asset Management LLC lifted its position in ChoiceOne Financial Services by 19.7% in the 1st quarter. Jacobs Asset Management LLC now owns 196,227 shares of the company's stock worth $5,518,000 after buying an additional 32,330 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in ChoiceOne Financial Services in the second quarter worth approximately $2,216,000. Institutional investors own 19.90% of the company's stock.

ChoiceOne Financial Services Stock Performance

NASDAQ:COFS opened at $32.87 on Friday. The firm has a market cap of $491.74 million, a PE ratio of 9.06 and a beta of 0.62. ChoiceOne Financial Services, Inc. has a fifty-two week low of $26.09 and a fifty-two week high of $35.40. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.87 and a current ratio of 0.87. The business has a 50 day moving average price of $33.63 and a 200-day moving average price of $31.98.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last issued its 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). The firm had revenue of $41.64 million during the quarter, compared to the consensus estimate of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%. Equities research analysts predict that ChoiceOne Financial Services, Inc. will post 3.63 earnings per share for the current year.

ChoiceOne Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.29 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.5%. ChoiceOne Financial Services's payout ratio is presently 31.96%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Hovde Group lifted their price target on shares of ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. DA Davidson upped their price objective on shares of ChoiceOne Financial Services from $36.00 to $38.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of ChoiceOne Financial Services in a report on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $36.50.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc is a financial holding company headquartered in Sparta, Michigan. Through its wholly owned subsidiary, ChoiceOne Bank, the company provides community banking services to individuals, families, farmers, professionals and businesses.

ChoiceOne Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending services include residential mortgages, home equity loans, consumer loans, commercial real estate financing, agricultural loans and other business credit products.

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