Bank of New York Mellon Corp Boosts Stake in ChoiceOne Financial Services, Inc. (NASDAQ:COFS)

Bank of New York Mellon Corp raised its position in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) by 7.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,720 shares of the company’s stock after buying an additional 1,425 shares during the quarter. Bank of New York Mellon Corp owned about 0.29% of ChoiceOne Financial Services worth $622,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of ChoiceOne Financial Services by 33.8% in the first quarter. CWM LLC now owns 4,798 shares of the company’s stock valued at $131,000 after purchasing an additional 1,211 shares in the last quarter. Empowered Funds LLC grew its stake in shares of ChoiceOne Financial Services by 7.9% in the 1st quarter. Empowered Funds LLC now owns 23,920 shares of the company’s stock worth $654,000 after buying an additional 1,750 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of ChoiceOne Financial Services by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 350,690 shares of the company’s stock worth $9,591,000 after buying an additional 2,871 shares during the last quarter. Hedge funds and other institutional investors own 19.90% of the company’s stock.

Insider Buying and Selling

In other ChoiceOne Financial Services news, CEO Kelly Potes acquired 2,000 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were bought at an average price of $25.00 per share, with a total value of $50,000.00. Following the transaction, the chief executive officer now directly owns 40,133 shares of the company’s stock, valued at approximately $1,003,325. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Kelly Potes bought 2,000 shares of ChoiceOne Financial Services stock in a transaction dated Thursday, July 25th. The shares were acquired at an average cost of $25.00 per share, with a total value of $50,000.00. Following the completion of the transaction, the chief executive officer now owns 40,133 shares in the company, valued at approximately $1,003,325. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Michael J. Burke, Jr. purchased 1,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price of $27.25 per share, with a total value of $27,250.00. Following the acquisition, the president now directly owns 2,000 shares of the company’s stock, valued at approximately $54,500. The disclosure for this purchase can be found here. In the last three months, insiders acquired 5,900 shares of company stock valued at $154,085. Insiders own 7.92% of the company’s stock.

ChoiceOne Financial Services Stock Down 0.6 %

Shares of NASDAQ COFS opened at $31.51 on Tuesday. The stock has a market capitalization of $238.56 million, a price-to-earnings ratio of 11.21 and a beta of 0.70. ChoiceOne Financial Services, Inc. has a 12-month low of $15.84 and a 12-month high of $32.26. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.15. The firm’s 50-day moving average price is $28.88 and its 200-day moving average price is $26.92.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.76 by $0.11. ChoiceOne Financial Services had a net margin of 17.61% and a return on equity of 11.35%. The company had revenue of $22.45 million during the quarter, compared to analyst estimates of $21.60 million. On average, equities research analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.06 EPS for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.08 annualized dividend and a dividend yield of 3.43%. ChoiceOne Financial Services’s payout ratio is 38.43%.

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.