ChoiceOne Financial Services (NASDAQ:COFS) Hits New 52-Week High - What's Next?

Key Points

• ChoiceOne Financial Services hit a 52-week high of $38.89, up from its previous close of $37.61.
• Analysts give the stock a consensus “Moderate Buy” rating and a $37.50 average price target; DA Davidson recently raised its target to $40.
• The company beat quarterly earnings and revenue estimates, reporting EPS of $1.05 versus $0.93 expected and revenue of $45.19 million versus $44.50 million. It also pays an annualized dividend of $1.16 per share, yielding about 3.1%.

ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report)'s stock price reached a new 52-week high on Thursday. The stock traded as high as $38.89 and last traded at $38.5590, with a volume of 2,697 shares trading hands. The stock had previously closed at $37.61.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of ChoiceOne Financial Services in a research note on Friday, September 25th. Hovde Group increased their price objective on ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Finally, DA Davidson raised their target price on ChoiceOne Financial Services from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.50.

ChoiceOne Financial Services Stock Performance

The firm's fifty day moving average price is $33.61 and its 200 day moving average price is $31.64. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $554.87 million, a price-to-earnings ratio of 10.18 and a beta of 0.61.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last posted its earnings results on Friday, October 30th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.12. The firm had revenue of $45.19 million during the quarter, compared to the consensus estimate of $44.50 million. ChoiceOne Financial Services had a net margin of 22.66% and a return on equity of 12.13%. Analysts forecast that ChoiceOne Financial Services, Inc. will post 3.69 EPS for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Tuesday, September 15th. ChoiceOne Financial Services's dividend payout ratio (DPR) is currently 31.96%.

Institutional Investors Weigh In On ChoiceOne Financial Services

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in ChoiceOne Financial Services during the 2nd quarter worth about $36,957,000. The Manufacturers Life Insurance Company acquired a new position in ChoiceOne Financial Services in the 2nd quarter valued at about $7,466,000. Dimensional Fund Advisors LP grew its position in ChoiceOne Financial Services by 18.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 240,425 shares of the company's stock valued at $6,760,000 after acquiring an additional 37,514 shares in the last quarter. Jacobs Asset Management LLC increased its stake in ChoiceOne Financial Services by 19.7% during the first quarter. Jacobs Asset Management LLC now owns 196,227 shares of the company's stock worth $5,518,000 after purchasing an additional 32,330 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in ChoiceOne Financial Services during the second quarter worth about $2,216,000. 19.90% of the stock is owned by institutional investors and hedge funds.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc NASDAQ: COFS is the bank holding company for ChoiceOne Bank, a community banking organization headquartered in Sparta, Michigan. The company serves individuals, families, farmers and businesses through a network of branches and digital banking channels primarily across western and central Michigan.

ChoiceOne Bank provides a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and commercial lending.

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