Jacobs Asset Management LLC Raises Position in ChoiceOne Financial Services, Inc. $COFS

Key Points

• Jacobs Asset Management LLC increased its stake in ChoiceOne Financial Services, Inc. by 149.9% in the first quarter, owning a total of 156,159 shares, representing about 2.8% of its portfolio.
• ChoiceOne Financial Services reported $0.91 earnings per share for the latest quarter, exceeding analysts' estimates of $0.80, with a revenue of $42.83 million.
• Wall Street analyst ratings for ChoiceOne include an average "Buy" rating, but recently Wall Street Zen downgraded it to a "hold" rating.

Jacobs Asset Management LLC grew its holdings in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) by 149.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 156,159 shares of the company's stock after buying an additional 93,659 shares during the quarter. ChoiceOne Financial Services accounts for about 2.8% of Jacobs Asset Management LLC's investment portfolio, making the stock its 16th biggest position. Jacobs Asset Management LLC owned 1.74% of ChoiceOne Financial Services worth $4,493,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in shares of ChoiceOne Financial Services by 0.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 224,304 shares of the company's stock worth $7,994,000 after acquiring an additional 890 shares during the period. American Century Companies Inc. grew its stake in ChoiceOne Financial Services by 47.4% in the first quarter. American Century Companies Inc. now owns 102,982 shares of the company's stock worth $2,963,000 after purchasing an additional 33,140 shares in the last quarter. Northern Trust Corp increased its holdings in ChoiceOne Financial Services by 2.1% during the 4th quarter. Northern Trust Corp now owns 65,963 shares of the company's stock worth $2,351,000 after purchasing an additional 1,374 shares during the period. Bridgeway Capital Management LLC raised its position in ChoiceOne Financial Services by 2.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 56,889 shares of the company's stock valued at $2,028,000 after purchasing an additional 1,329 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in ChoiceOne Financial Services by 71.3% during the 4th quarter. Renaissance Technologies LLC now owns 49,500 shares of the company's stock valued at $1,764,000 after purchasing an additional 20,600 shares in the last quarter. Institutional investors own 19.90% of the company's stock.

ChoiceOne Financial Services Price Performance

COFS traded down $0.31 during trading on Thursday, hitting $30.86. The company's stock had a trading volume of 52,680 shares, compared to its average volume of 64,734. The firm has a market capitalization of $463.52 million, a price-to-earnings ratio of 24.49 and a beta of 0.57. The business's fifty day simple moving average is $29.60 and its 200 day simple moving average is $29.28. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. ChoiceOne Financial Services, Inc. has a twelve month low of $24.89 and a twelve month high of $38.15.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.11. The firm had revenue of $42.83 million for the quarter, compared to analyst estimates of $38.95 million. ChoiceOne Financial Services had a return on equity of 11.26% and a net margin of 7.95%. On average, equities research analysts forecast that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.6%. The ex-dividend date is Monday, September 15th. ChoiceOne Financial Services's payout ratio is 88.89%.

Analyst Ratings Changes

Several research analysts have issued reports on COFS shares. Zacks Research upgraded shares of ChoiceOne Financial Services from a "strong sell" rating to a "hold" rating in a report on Tuesday. Wall Street Zen cut shares of ChoiceOne Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Three investment 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 has an average rating of "Moderate Buy" and an average target price of $37.00.

ChoiceOne Financial Services Profile

ChoiceOne Financial Services, Inc operates as the bank holding company for ChoiceOne Bank that provides banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits, safe deposit, and automated transaction machine services.