Empowered Funds LLC Acquires Shares of 46,209 ChoiceOne Financial Services, Inc. $COFS

Key Points

• Empowered Funds LLC acquired 46,209 shares of ChoiceOne Financial Services, worth approximately $1.57 million, giving it a 0.31% stake. Institutional investors collectively own 19.9% of the company.
• Analyst sentiment is positive overall: DA Davidson and Hovde Group raised their price targets to $38 and $35, respectively, while the consensus rating is “Moderate Buy” with a $36.50 target.
• ChoiceOne reported quarterly EPS of $0.83, below the $0.88 consensus estimate, and revenue of $41.64 million versus expectations of $43.45 million. The company declared a quarterly dividend of $0.29, representing a 3.4% annualized yield.

Empowered Funds LLC bought a new stake in ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 46,209 shares of the company's stock, valued at approximately $1,571,000. Empowered Funds LLC owned approximately 0.31% of ChoiceOne Financial Services as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in COFS. Legal & General Group Plc lifted 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 purchasing an additional 554 shares during the last quarter. Aquatic Capital Management LLC acquired a new position in ChoiceOne Financial Services in the third quarter valued at about $46,000. Tower Research Capital LLC TRC grew its stake 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 worth $65,000 after buying an additional 1,945 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of ChoiceOne Financial Services during the second quarter worth approximately $191,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of ChoiceOne Financial Services during the first quarter worth approximately $195,000. Institutional investors own 19.90% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. DA Davidson boosted their target price on ChoiceOne Financial Services from $36.00 to $38.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Hovde Group raised their price target on ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Finally, Weiss Ratings upgraded ChoiceOne Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $36.50.

ChoiceOne Financial Services Trading Up 0.9%

COFS opened at $34.04 on Friday. 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 market capitalization of $509.24 million, a PE ratio of 9.38 and a beta of 0.59. ChoiceOne Financial Services, Inc. has a 1-year low of $26.09 and a 1-year high of $35.40. The firm has a 50-day moving average price of $33.72 and a two-hundred day moving average price of $31.33.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last announced its earnings results on Friday, July 24th. The company reported $0.83 earnings per share (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 for the quarter, compared to analyst estimates of $43.45 million. As a group, equities analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.63 earnings per share for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.4%. The ex-dividend date is Tuesday, September 15th. ChoiceOne Financial Services's 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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