Bank of New York Mellon Corp Purchases 6,921 Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS)

Bank of New York Mellon Corp increased its holdings in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) by 33.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 27,882 shares of the company’s stock after purchasing an additional 6,921 shares during the period. Bank of New York Mellon Corp owned 0.31% of ChoiceOne Financial Services worth $994,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rhumbline Advisers lifted its position in shares of ChoiceOne Financial Services by 8.1% in the fourth quarter. Rhumbline Advisers now owns 8,165 shares of the company’s stock valued at $291,000 after buying an additional 611 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of ChoiceOne Financial Services by 4.9% during the 4th quarter. Empowered Funds LLC now owns 28,389 shares of the company’s stock worth $1,012,000 after acquiring an additional 1,329 shares during the last quarter. SG Americas Securities LLC bought a new stake in ChoiceOne Financial Services in the 4th quarter valued at $123,000. Charles Schwab Investment Management Inc. lifted its holdings in ChoiceOne Financial Services by 21.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 22,443 shares of the company’s stock valued at $694,000 after purchasing an additional 3,986 shares during the last quarter. Finally, State Street Corp boosted its position in ChoiceOne Financial Services by 6.8% during the third quarter. State Street Corp now owns 97,095 shares of the company’s stock worth $3,001,000 after purchasing an additional 6,209 shares during the period. Institutional investors own 19.90% of the company’s stock.

Wall Street Analysts Forecast Growth

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

ChoiceOne Financial Services Trading Up 4.0 %

COFS stock opened at $29.64 on Tuesday. ChoiceOne Financial Services, Inc. has a 52 week low of $21.52 and a 52 week high of $38.15. The company has a market capitalization of $265.84 million, a PE ratio of 9.09 and a beta of 0.72. The company’s 50-day simple moving average is $32.11 and its 200 day simple moving average is $33.09. 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 announced its earnings results 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%. As a group, sell-side analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.78%. ChoiceOne Financial Services’s payout ratio is 34.36%.

ChoiceOne Financial Services 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.