Penn Mutual Asset Management Makes New $245,000 Investment in ChoiceOne Financial Services, Inc. $COFS

Key Points

• Penn Mutual Asset Management has acquired a new stake in ChoiceOne Financial Services, purchasing 8,500 shares valued at approximately $245,000, representing about 0.09% of the company.
• Several institutional investors have increased their positions in ChoiceOne Financial Services, with Bank of America Corp DE boosting its stake by 84.6%, now owning shares valued at $395,000.
• Despite recent growth from institutional investments, Wall Street Zen downgraded ChoiceOne Financial Services from a "buy" to a "hold" rating in a recent report.

Penn Mutual Asset Management bought a new stake in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 8,500 shares of the company's stock, valued at approximately $245,000. Penn Mutual Asset Management owned 0.09% of ChoiceOne Financial Services as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. raised its position in shares of ChoiceOne Financial Services by 47.4% during the 1st quarter. American Century Companies Inc. now owns 102,982 shares of the company's stock worth $2,963,000 after buying an additional 33,140 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of ChoiceOne Financial Services by 71.3% during the 4th quarter. Renaissance Technologies LLC now owns 49,500 shares of the company's stock worth $1,764,000 after buying an additional 20,600 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of ChoiceOne Financial Services by 172.8% during the 4th quarter. JPMorgan Chase & Co. now owns 29,698 shares of the company's stock worth $1,058,000 after buying an additional 18,811 shares in the last quarter. Nuveen LLC bought a new stake in shares of ChoiceOne Financial Services during the 1st quarter worth about $459,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of ChoiceOne Financial Services during the 4th quarter worth about $352,000. 19.90% of the stock is owned by institutional investors and hedge funds.

ChoiceOne Financial Services Stock Up 4.2%

ChoiceOne Financial Services stock traded up $1.2550 during trading hours on Friday, hitting $31.0050. The company had a trading volume of 70,331 shares, compared to its average volume of 70,439. ChoiceOne Financial Services, Inc. has a fifty-two week low of $24.89 and a fifty-two week 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 firm has a market capitalization of $465.70 million, a P/E ratio of 24.64 and a beta of 0.57. The firm's fifty day moving average is $29.30 and its 200-day moving average is $29.36.

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of ChoiceOne Financial Services from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $37.00.

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.