ChoiceOne Financial Services (NASDAQ:COFS) Rating Increased to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded ChoiceOne Financial Services (NASDAQ:COFS) from a "hold" to a "buy" rating, indicating increased investor confidence in the stock.
• ChoiceOne Financial Services has a current consensus rating of "Moderate Buy" and an average target price of $37.00, reflecting an optimistic outlook among analysts.
• The company recently reported a Q2 earnings per share of $0.91, exceeding expectations and demonstrating strong revenue performance.

Wall Street Zen upgraded shares of ChoiceOne Financial Services (NASDAQ:COFS - Free Report) from a hold rating to a buy rating in a research report released on Saturday morning.

Separately, Zacks Research upgraded shares of ChoiceOne Financial Services from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, ChoiceOne Financial Services has an average rating of "Moderate Buy" and an average target price of $37.00.

ChoiceOne Financial Services Stock Performance

Shares of COFS stock traded down $0.23 during mid-day trading on Friday, reaching $30.41. 21,859 shares of the company's stock traded hands, compared to its average volume of 70,357. ChoiceOne Financial Services has a 12 month low of $24.89 and a 12 month high of $38.15. The firm has a 50 day moving average price of $29.74 and a two-hundred day moving average price of $29.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $456.68 million, a PE ratio of 24.13 and a beta of 0.59.

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

ChoiceOne Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.28 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.7%. ChoiceOne Financial Services's payout ratio is 88.89%.

Institutional Trading of ChoiceOne Financial Services

A number of large investors have recently made changes to their positions in the business. Squarepoint Ops LLC increased its holdings in shares of ChoiceOne Financial Services by 128.1% in the 2nd quarter. Squarepoint Ops LLC now owns 34,301 shares of the company's stock worth $984,000 after buying an additional 19,263 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of ChoiceOne Financial Services by 617.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company's stock worth $65,000 after buying an additional 1,945 shares during the last quarter. Curi Capital LLC increased its holdings in shares of ChoiceOne Financial Services by 0.7% in the 2nd quarter. Curi Capital LLC now owns 51,537 shares of the company's stock worth $1,479,000 after buying an additional 337 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of ChoiceOne Financial Services by 5.1% in the 2nd quarter. Bridgeway Capital Management LLC now owns 62,221 shares of the company's stock worth $1,786,000 after buying an additional 3,020 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of ChoiceOne Financial Services by 141.9% in the 2nd quarter. Bank of America Corp DE now owns 21,783 shares of the company's stock worth $625,000 after buying an additional 12,779 shares during the last quarter. 19.90% of the stock is currently owned by institutional investors.

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.