The Manufacturers Life Insurance Company Invests $7.47 Million in ChoiceOne Financial Services, Inc. $COFS

Key Points

• The Manufacturers Life Insurance Company acquired 219,602 shares of ChoiceOne Financial Services worth approximately $7.47 million, representing a 1.47% stake. Institutional investors collectively own 19.9% of the company.
• ChoiceOne reported quarterly EPS of $0.83, below the $0.88 consensus estimate, while revenue of $41.64 million also missed expectations. The stock recently traded at $33.36, with a market capitalization of roughly $499 million.
• The company declared a quarterly dividend of $0.29 per share, equal to an annualized $1.16 payout and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $36.50.

The Manufacturers Life Insurance Company purchased a new stake in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 219,602 shares of the company's stock, valued at approximately $7,466,000. The Manufacturers Life Insurance Company owned about 1.47% of ChoiceOne Financial Services at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ChoiceOne Financial Services during the second quarter worth about $445,000. Ieq Capital LLC acquired a new position in ChoiceOne Financial Services in the 2nd quarter valued at about $360,000. BlackRock Inc. acquired a new position in ChoiceOne Financial Services in the 2nd quarter valued at about $36,957,000. Deutsche Bank AG purchased a new stake in shares of ChoiceOne Financial Services in the 2nd quarter valued at approximately $470,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of ChoiceOne Financial Services in the 2nd quarter valued at approximately $2,216,000. Hedge funds and other institutional investors own 19.90% of the company's stock.

ChoiceOne Financial Services Stock Performance

Shares of COFS stock opened at $33.36 on Monday. ChoiceOne Financial Services, Inc. has a 1-year low of $26.09 and a 1-year high of $35.40. The firm has a market cap of $499.07 million, a PE ratio of 9.19 and a beta of 0.60. The company has a 50-day moving average of $33.65 and a two-hundred day moving average of $31.21. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.87 and a quick ratio of 0.87.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $43.45 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%. On average, analysts predict that ChoiceOne Financial Services, Inc. will post 3.63 EPS for the current year.

ChoiceOne Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, September 15th. ChoiceOne Financial Services's dividend payout ratio is 31.96%.

Analysts Set New Price Targets

COFS has been the topic of several analyst reports. DA Davidson lifted their price target on shares of ChoiceOne Financial Services from $36.00 to $38.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Weiss Ratings upgraded ChoiceOne Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Finally, Hovde Group raised their target price on ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $36.50.

ChoiceOne Financial Services Company 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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