Bank of New York Mellon Corp Acquires Shares of 65,169 ChoiceOne Financial Services, Inc. $COFS

Key Points

• Bank of New York Mellon initiated a stake of 65,169 ChoiceOne Financial Services shares valued at approximately $2.2 million, representing about 0.44% of the company. Institutional investors collectively owned 19.90% of COFS.
• Analyst sentiment is generally positive: COFS has a consensus “Moderate Buy” rating and an average price target of $36.50, compared with a reported share price of $34.30.
• ChoiceOne reported quarterly EPS of $0.83, below the $0.88 consensus estimate, while revenue of $41.64 million also missed expectations. The company declared a quarterly dividend of $0.29 per share, implying a 3.4% annualized yield.

Bank of New York Mellon Corp acquired a new stake in ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 65,169 shares of the company's stock, valued at approximately $2,216,000. Bank of New York Mellon Corp owned about 0.44% of ChoiceOne Financial Services at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of COFS. Legal & General Group Plc raised its holdings in 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. Aquatic Capital Management LLC bought a new position in ChoiceOne Financial Services during the third quarter valued at $46,000. Tower Research Capital LLC TRC increased its position in ChoiceOne Financial Services by 617.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company's stock valued at $65,000 after acquiring an additional 1,945 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of ChoiceOne Financial Services in the second quarter valued at $191,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of ChoiceOne Financial Services in the first quarter valued at $195,000. Hedge funds and other institutional investors own 19.90% of the company's stock.

Wall Street Analyst Weigh In

COFS has been the subject of a number of recent analyst reports. 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. Weiss Ratings raised shares of ChoiceOne Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Finally, DA Davidson raised their price objective on shares of ChoiceOne Financial Services from $36.00 to $38.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.50.

ChoiceOne Financial Services Price Performance

NASDAQ:COFS opened at $34.30 on Tuesday. The company has a market cap of $513.13 million, a price-to-earnings ratio of 9.45 and a beta of 0.59. ChoiceOne Financial Services, Inc. has a twelve month low of $26.09 and a twelve month high of $35.40. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.71. The stock has a fifty day simple moving average of $33.76 and a 200-day simple moving average of $31.41.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.88 by ($0.05). ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%.The company had revenue of $41.64 million during the quarter, compared to the consensus estimate of $43.45 million. Analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.63 EPS for the current year.

ChoiceOne Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th. ChoiceOne Financial Services's payout ratio is currently 31.96%.

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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