ChoiceOne Financial Services (NASDAQ:COFS) Stock Falls 0.5% - Here's Why

Key Points

• ChoiceOne Financial Services shares fell 0.5% to $32.78 in Tuesday trading, while volume increased 86% above the average daily level.
• Analysts remain generally positive, with two Buy ratings and one Hold rating; the average price target rose to $36.50, although the company’s latest quarterly EPS and revenue missed consensus estimates.
• The company declared a quarterly dividend of $0.29 per share, equivalent to $1.16 annually and a 3.5% yield, payable September 30 to shareholders of record September 15.

Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS - Get Free Report) were down 0.5% during trading on Tuesday. The company traded as low as $32.46 and last traded at $32.78. 124,738 shares were traded during mid-day trading, an increase of 86% from the average daily volume of 67,234 shares. The stock had previously closed at $32.95.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. DA Davidson increased their price objective 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 reissued a "buy (b)" rating on shares of ChoiceOne Financial Services in a report on Friday. Finally, Hovde Group lifted their price objective on ChoiceOne Financial Services from $32.00 to $35.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, ChoiceOne Financial Services presently has an average rating of "Moderate Buy" and an average price target of $36.50.

ChoiceOne Financial Services Stock Performance

The business's fifty day moving average is $33.67 and its 200-day moving average is $31.91. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.71. The company has a market cap of $490.39 million, a PE ratio of 9.03 and a beta of 0.59.

ChoiceOne Financial Services (NASDAQ:COFS - Get Free Report) last announced its earnings results on Friday, July 24th. The company reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.88 by ($0.05). ChoiceOne Financial Services had a net margin of 22.77% and a return on equity of 12.04%. The business had revenue of $41.64 million for the quarter, compared to analysts' expectations of $43.45 million. As a group, research analysts predict that ChoiceOne Financial Services, Inc. will post 3.63 EPS for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

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

Hedge Funds Weigh In On ChoiceOne Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc purchased a new stake in ChoiceOne Financial Services in the second quarter worth about $49,000. Odyssean LLC purchased a new position in shares of ChoiceOne Financial Services during the 2nd quarter valued at about $213,000. Sequoia Financial Advisors LLC bought a new position in shares of ChoiceOne Financial Services during the 2nd quarter valued at approximately $242,000. Quantinno Capital Management LP bought a new position in shares of ChoiceOne Financial Services during the 1st quarter valued at approximately $305,000. Finally, Ieq Capital LLC bought a new position in shares of ChoiceOne Financial Services during the 2nd quarter valued at approximately $360,000. 19.90% of the stock is currently owned by hedge funds and other institutional investors.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc is a financial holding company headquartered in Sparta, Michigan. Through its wholly owned subsidiary, ChoiceOne Bank, the company provides community banking services to individuals, families, farmers, professionals and businesses.

ChoiceOne Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending services include residential mortgages, home equity loans, consumer loans, commercial real estate financing, agricultural loans and other business credit products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.