ChoiceOne Financial Services, Inc. $COFS Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors increased its ChoiceOne Financial Services stake by 18.5% in the first quarter, acquiring 37,514 additional shares and bringing its ownership to approximately 1.61%. Other institutional investors also expanded their positions, with institutions collectively owning 19.90% of the stock.
• ChoiceOne’s shares opened at $34.00, near their 12-month high, with a market capitalization of roughly $509 million. The company’s latest quarterly results missed estimates, reporting $0.83 in adjusted earnings per share versus the $0.88 consensus and revenue of $41.64 million versus $43.45 million expected.
• The company maintains a quarterly dividend of $0.29 per share, equivalent to a 3.4% annualized yield. Analysts hold a “Moderate Buy” consensus rating, with an average price target of $36.50.

Dimensional Fund Advisors LP lifted its stake in ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) by 18.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 240,425 shares of the company's stock after buying an additional 37,514 shares during the period. Dimensional Fund Advisors LP owned approximately 1.61% of ChoiceOne Financial Services worth $6,760,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COFS. Jane Street Group LLC lifted its position in ChoiceOne Financial Services by 556.4% in the fourth quarter. Jane Street Group LLC now owns 146,782 shares of the company's stock valued at $4,333,000 after acquiring an additional 124,419 shares during the last quarter. Marshall Wace LLP boosted its stake in ChoiceOne Financial Services by 210.1% in the fourth quarter. Marshall Wace LLP now owns 134,461 shares of the company's stock valued at $3,969,000 after acquiring an additional 91,100 shares in the last quarter. Two Sigma Investments LP grew its holdings in shares of ChoiceOne Financial Services by 204.2% during the third quarter. Two Sigma Investments LP now owns 97,963 shares of the company's stock worth $2,837,000 after purchasing an additional 65,764 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of ChoiceOne Financial Services by 87.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 101,686 shares of the company's stock worth $3,002,000 after purchasing an additional 47,382 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of ChoiceOne Financial Services by 427.1% during the third quarter. First Trust Advisors LP now owns 50,990 shares of the company's stock worth $1,477,000 after purchasing an additional 41,317 shares in the last quarter. 19.90% of the stock is currently owned by institutional investors and hedge funds.

ChoiceOne Financial Services Stock Down 0.2%

COFS opened at $34.00 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.83 and a quick ratio of 0.83. ChoiceOne Financial Services, Inc. has a 12 month low of $26.09 and a 12 month high of $35.40. The stock has a market capitalization of $509.32 million, a P/E ratio of 9.37 and a beta of 0.60. The business has a 50 day simple moving average of $33.16 and a 200-day simple moving average of $30.80.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last announced its quarterly earnings data on Friday, July 24th. The company reported $0.83 earnings per share for the quarter, missing analysts' consensus estimates of $0.88 by ($0.05). The business had revenue of $41.64 million for the quarter, compared to analyst estimates of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.18% and a net margin of 22.77%. On average, equities analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.63 earnings per share for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given 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 was Monday, June 15th. ChoiceOne Financial Services's payout ratio is presently 31.96%.

Analyst Upgrades and Downgrades

COFS has been the subject of several research reports. Weiss Ratings raised ChoiceOne Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 29th. 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. Finally, Hovde Group lifted their price target 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. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.50.

ChoiceOne Financial Services Profile

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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