ChoiceOne Financial Services (NASDAQ:COFS) Now Covered by Analysts at Hovde Group

Hovde Group initiated coverage on shares of ChoiceOne Financial Services (NASDAQ:COFS) in a research note released on Monday, MarketBeat reports. The brokerage issued an outperform rating and a $35.00 price target on the stock.

Other equities analysts also recently issued reports about the company. DA Davidson reduced their price target on ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating for the company in a report on Monday, January 27th. Janney Montgomery Scott upgraded shares of ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a research note on Monday, March 3rd.

ChoiceOne Financial Services Price Performance

Shares of COFS opened at $29.35 on Monday. The firm’s 50-day simple moving average is $33.18 and its two-hundred day simple moving average is $33.20. ChoiceOne Financial Services has a fifty-two week low of $21.52 and a fifty-two week high of $38.15. The stock has a market cap of $262.92 million, a PE ratio of 9.00 and a beta of 0.72. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.74 and a current ratio of 0.74.

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

ChoiceOne Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Friday, March 14th. ChoiceOne Financial Services’s payout ratio is 34.36%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Mattson Financial Services LLC increased its holdings in ChoiceOne Financial Services by 58.0% in the 4th quarter. Mattson Financial Services LLC now owns 2,575 shares of the company’s stock worth $92,000 after buying an additional 945 shares in the last quarter. Globeflex Capital L P purchased a new stake in shares of ChoiceOne Financial Services during the 4th quarter valued at about $107,000. SG Americas Securities LLC bought a new stake in shares of ChoiceOne Financial Services in the fourth quarter worth approximately $123,000. Wells Fargo & Company MN raised its holdings in shares of ChoiceOne Financial Services by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 4,891 shares of the company’s stock valued at $174,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in ChoiceOne Financial Services during the fourth quarter valued at approximately $260,000. Hedge funds and other institutional investors own 19.90% of the company’s stock.

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.