Mendon Capital Advisors Corp Reduces Stock Holdings in ChoiceOne Financial Services, Inc. $COFS

Key Points

• Mendon Capital Advisors Corp reduced its holdings in ChoiceOne Financial Services by 29.5% in the first quarter, selling 20,928 shares and retaining about 50,000 shares valued at $1.4 million.
• The stock received a rating upgrade, with Zacks Research moving it from a "strong sell" to a "hold" and Wall Street Zen upgrading it from "hold" to "buy", resulting in an average rating of "Moderate Buy" with a target price of $37.00.
• ChoiceOne Financial Services declared a quarterly dividend of $0.28, which will be paid on September 30th, representing a dividend yield of 3.7% and a payout ratio of 88.89%.

Mendon Capital Advisors Corp lessened its position in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) by 29.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,000 shares of the company's stock after selling 20,928 shares during the period. Mendon Capital Advisors Corp owned 0.33% of ChoiceOne Financial Services worth $1,438,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in ChoiceOne Financial Services by 35,137.5% during the first quarter. GAMMA Investing LLC now owns 2,819 shares of the company's stock valued at $81,000 after purchasing an additional 2,811 shares during the last quarter. Mattson Financial Services LLC lifted its stake in shares of ChoiceOne Financial Services by 58.0% during the 4th quarter. Mattson Financial Services LLC now owns 2,575 shares of the company's stock valued at $92,000 after buying an additional 945 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in ChoiceOne Financial Services in the 1st quarter worth approximately $195,000. CWM LLC grew its stake in ChoiceOne Financial Services by 58.9% in the 1st quarter. CWM LLC now owns 7,757 shares of the company's stock valued at $223,000 after buying an additional 2,876 shares in the last quarter. Finally, Acorn Wealth Advisors LLC bought a new stake in ChoiceOne Financial Services during the 1st quarter valued at $228,000. Hedge funds and other institutional investors own 19.90% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on COFS shares. Zacks Research upgraded ChoiceOne Financial Services from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Wall Street Zen raised shares of ChoiceOne Financial Services from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.00.

ChoiceOne Financial Services Price Performance

NASDAQ:COFS traded down $0.07 during midday trading on Monday, hitting $29.96. The company had a trading volume of 19,742 shares, compared to its average volume of 69,718. ChoiceOne Financial Services, Inc. has a 52-week low of $24.89 and a 52-week high of $38.15. The stock's fifty day moving average price is $29.91 and its 200-day moving average price is $29.10. The company has a market capitalization of $450.00 million, a PE ratio of 23.78 and a beta of 0.59. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.57.

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 the consensus estimate of $0.80 by $0.11. The firm had revenue of $42.83 million during 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%. As a group, research analysts expect that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Monday, September 15th. ChoiceOne Financial Services's dividend payout ratio (DPR) is presently 88.89%.

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.