Mendon Capital Advisors Corp Sells 20,928 Shares of 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 decreased its holdings in ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) by 29.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,000 shares of the company's stock after selling 20,928 shares during the period. Mendon Capital Advisors Corp owned about 0.33% of ChoiceOne Financial Services worth $1,438,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in ChoiceOne Financial Services by 35,137.5% in the first quarter. GAMMA Investing LLC now owns 2,819 shares of the company's stock valued at $81,000 after buying an additional 2,811 shares during the period. Mattson Financial Services LLC raised its stake in ChoiceOne Financial Services by 58.0% in the fourth 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 during the period. Cubist Systematic Strategies LLC bought a new stake in ChoiceOne Financial Services in the first quarter valued at approximately $195,000. CWM LLC raised its stake in ChoiceOne Financial Services by 58.9% in the first quarter. CWM LLC now owns 7,757 shares of the company's stock valued at $223,000 after buying an additional 2,876 shares during the period. Finally, Acorn Wealth Advisors LLC bought a new stake in ChoiceOne Financial Services in the first quarter valued at approximately $228,000. Institutional investors own 19.90% of the company's stock.

Analyst Upgrades and Downgrades

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

ChoiceOne Financial Services Trading Down 0.7%

Shares of NASDAQ:COFS opened at $30.50 on Wednesday. The company has a market capitalization of $458.11 million, a P/E ratio of 24.21 and a beta of 0.59. ChoiceOne Financial Services, Inc. has a 1 year low of $24.89 and a 1 year high of $38.15. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.85 and a quick ratio of 0.85. The business's 50 day simple moving average is $29.90 and its 200 day simple moving average is $29.15.

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 business had revenue of $42.83 million for the quarter, compared to the consensus estimate of $38.95 million. ChoiceOne Financial Services had a return on equity of 11.26% and a net margin of 7.95%. On average, research analysts anticipate 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. Stockholders of record on Monday, September 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, September 15th. ChoiceOne Financial Services's dividend payout ratio is presently 88.89%.

ChoiceOne Financial Services Company 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.

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