BlackRock Inc. Invests $36.96 Million in ChoiceOne Financial Services, Inc. $COFS

Key Points

• BlackRock acquired a new 1.09 million-share stake in ChoiceOne Financial Services valued at approximately $36.96 million, representing 7.26% ownership. Overall, institutional investors own 19.90% of the company.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $36.50; DA Davidson raised its target to $38 and kept a Buy rating.
• 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, equivalent to a 3.5% annualized yield.

BlackRock Inc. bought a new stake in ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,086,956 shares of the company's stock, valued at approximately $36,957,000. BlackRock Inc. owned approximately 7.26% of ChoiceOne Financial Services at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in ChoiceOne Financial Services by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 806,507 shares of the company's stock worth $23,356,000 after acquiring an additional 8,209 shares in the last quarter. State Street Corp lifted its position in ChoiceOne Financial Services by 12.0% in the fourth quarter. State Street Corp now owns 314,213 shares of the company's stock valued at $9,276,000 after acquiring an additional 33,739 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in ChoiceOne Financial Services by 18.5% in the first quarter. Dimensional Fund Advisors LP now owns 240,425 shares of the company's stock valued at $6,760,000 after acquiring an additional 37,514 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in ChoiceOne Financial Services by 1.1% in the second quarter. The Manufacturers Life Insurance Company now owns 226,161 shares of the company's stock valued at $6,491,000 after acquiring an additional 2,509 shares in the last quarter. Finally, Jacobs Asset Management LLC grew its holdings in shares of ChoiceOne Financial Services by 19.7% during the first quarter. Jacobs Asset Management LLC now owns 196,227 shares of the company's stock worth $5,518,000 after purchasing an additional 32,330 shares during the last quarter. 19.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on COFS shares. Hovde Group lifted their target price on ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a "market perform" rating in a research report on Monday, July 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. Finally, DA Davidson raised their price target on 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.com, ChoiceOne Financial Services currently has an average rating of "Moderate Buy" and an average price target of $36.50.

ChoiceOne Financial Services Stock Down 0.4%

COFS stock opened at $33.08 on Wednesday. The company has a fifty day moving average price of $33.68 and a 200 day moving average price of $31.26. ChoiceOne Financial Services, Inc. has a 12 month low of $26.09 and a 12 month high of $35.40. The company has a market cap of $494.88 million, a price-to-earnings ratio of 9.11 and a beta of 0.59. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.87 and a quick ratio of 0.87.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $41.64 million for the quarter, compared to analysts' expectations of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%. Sell-side analysts expect that ChoiceOne Financial Services, Inc. will post 3.63 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The firm also recently announced 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. The ex-dividend date is Tuesday, September 15th. This represents a $1.16 annualized dividend and a dividend yield of 3.5%. ChoiceOne Financial Services's dividend payout ratio is 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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