Charles Schwab Investment Management Inc. Buys 1,263 Shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS)

Charles Schwab Investment Management Inc. raised its stake in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) by 5.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,706 shares of the company’s stock after purchasing an additional 1,263 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.26% of ChoiceOne Financial Services worth $845,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in ChoiceOne Financial Services by 33.0% during the 4th quarter. Bank of New York Mellon Corp now owns 27,882 shares of the company’s stock valued at $994,000 after purchasing an additional 6,921 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of ChoiceOne Financial Services by 8.1% during the 4th quarter. Rhumbline Advisers now owns 8,165 shares of the company’s stock worth $291,000 after buying an additional 611 shares during the last quarter. Empowered Funds LLC boosted 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 buying an additional 1,329 shares during the period. SG Americas Securities LLC acquired a new position in ChoiceOne Financial Services in the 4th quarter valued at about $123,000. Finally, JPMorgan Chase & Co. raised its holdings in ChoiceOne Financial Services by 157.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 10,887 shares of the company’s stock valued at $337,000 after acquiring an additional 6,652 shares during the period. Institutional investors own 19.90% of the company’s stock.

ChoiceOne Financial Services Stock Performance

NASDAQ:COFS opened at $28.76 on Monday. The company has a 50 day simple moving average of $31.68 and a two-hundred day simple moving average of $33.06. 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, Inc. has a fifty-two week low of $21.52 and a fifty-two week high of $38.15. The company has a market capitalization of $257.95 million, a PE ratio of 8.82 and a beta of 0.72.

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

ChoiceOne Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders 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 yield of 3.89%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is 34.36%.

Wall Street Analysts Forecast Growth

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

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.