ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Sees Large Decline in Short Interest

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) saw a large drop in short interest in March. As of March 15th, there was short interest totalling 76,700 shares, a drop of 86.1% from the February 28th total of 550,200 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily trading volume, of 36,600 shares, the days-to-cover ratio is currently 2.1 days.

Hedge Funds Weigh In On ChoiceOne Financial Services

A number of institutional investors have recently bought and sold shares of the stock. Invesco Ltd. increased its position in ChoiceOne Financial Services by 3.5% in the fourth quarter. Invesco Ltd. now owns 14,204 shares of the company’s stock worth $506,000 after buying an additional 483 shares in the last quarter. Rhumbline Advisers increased its holdings in ChoiceOne Financial Services by 8.1% in the 4th quarter. Rhumbline Advisers now owns 8,165 shares of the company’s stock worth $291,000 after acquiring an additional 611 shares in the last quarter. Geode Capital Management LLC increased its holdings in ChoiceOne Financial Services by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 188,103 shares of the company’s stock worth $6,706,000 after acquiring an additional 761 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in ChoiceOne Financial Services by 0.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 224,304 shares of the company’s stock worth $7,994,000 after acquiring an additional 890 shares during the period. Finally, Mattson Financial Services LLC lifted its holdings in ChoiceOne Financial Services by 58.0% during the fourth quarter. Mattson Financial Services LLC now owns 2,575 shares of the company’s stock valued at $92,000 after purchasing an additional 945 shares in the last quarter. 19.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on COFS. Hovde Group initiated coverage on shares of ChoiceOne Financial Services in a research note on Monday, March 10th. They set an “outperform” rating and a $35.00 target price on the stock. DA Davidson lowered their price objective on shares of ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Janney Montgomery Scott raised shares of ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a research report on Monday, March 3rd.

ChoiceOne Financial Services Trading Down 0.3 %

ChoiceOne Financial Services stock opened at $29.28 on Thursday. ChoiceOne Financial Services has a 52-week low of $21.52 and a 52-week high of $38.15. The company has a market cap of $262.61 million, a P/E ratio of 8.98 and a beta of 0.72. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.99. The business has a 50-day simple moving average of $31.90 and a two-hundred day simple moving average of $33.06.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. ChoiceOne Financial Services had a net margin of 19.21% and a return on equity of 12.44%. Analysts predict that ChoiceOne Financial Services will post 3.67 EPS for the current year.

ChoiceOne Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.28 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.12 annualized dividend and a dividend yield of 3.83%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is 34.36%.

About ChoiceOne Financial Services

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.