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

Key Points

• Jacobs Asset Management boosted its stake in ChoiceOne Financial Services by 19.7% in the first quarter, bringing its holdings to 196,227 shares worth about $5.5 million.
• ChoiceOne Financial Services recently reported quarterly earnings of $0.83 per share, missing analyst estimates, while revenue also came in below expectations at $41.64 million.
• The company continues to offer a 3.5% dividend yield and has a generally constructive analyst view, with a consensus rating of Moderate Buy and an average price target of $34.00.

Jacobs Asset Management LLC increased its position in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) by 19.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 196,227 shares of the company's stock after purchasing an additional 32,330 shares during the period. ChoiceOne Financial Services accounts for 3.3% of Jacobs Asset Management LLC's portfolio, making the stock its 14th largest holding. Jacobs Asset Management LLC owned 1.31% of ChoiceOne Financial Services worth $5,518,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of COFS. Legal & General Group Plc increased its stake in ChoiceOne Financial Services by 74.6% in the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company's stock worth $37,000 after buying an additional 554 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in shares of ChoiceOne Financial Services in the third quarter valued at about $46,000. Tower Research Capital LLC TRC lifted its position in shares of ChoiceOne Financial Services by 617.5% in 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 in the last quarter. SG Americas Securities LLC bought a new position in shares of ChoiceOne Financial Services in the fourth quarter worth about $185,000. Finally, Quantbot Technologies LP bought a new position in shares of ChoiceOne Financial Services in the second quarter worth about $191,000. Hedge funds and other institutional investors own 19.90% of the company's stock.

ChoiceOne Financial Services Stock Performance

COFS opened at $32.72 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $490.15 million, a price-to-earnings ratio of 9.01 and a beta of 0.59. The company has a fifty day moving average of $32.54 and a 200 day moving average of $30.34. ChoiceOne Financial Services, Inc. has a fifty-two week low of $26.09 and a fifty-two week high of $35.40.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last announced its quarterly earnings results on Friday, July 24th. The company reported $0.83 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.05). The company had revenue of $41.64 million during the quarter, compared to analysts' expectations of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.31% and a net margin of 23.07%. As a group, sell-side analysts forecast that ChoiceOne Financial Services, Inc. will post 3.6 earnings per share for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, June 15th. ChoiceOne Financial Services's payout ratio is 31.35%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Weiss Ratings raised ChoiceOne Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 29th. DA Davidson upped their price target on ChoiceOne Financial Services from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, ChoiceOne Financial Services presently has an average rating of "Moderate Buy" and an average price target of $34.00.

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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