ChoiceOne Financial Services (NASDAQ:COFS) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

ChoiceOne Financial Services (NASDAQ:COFS) posted its quarterly earnings data on Wednesday. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.82 by $0.01, Zacks reports. ChoiceOne Financial Services had a return on equity of 11.79% and a net margin of 18.41%.

ChoiceOne Financial Services Price Performance

Shares of NASDAQ:COFS traded down $0.71 during trading on Wednesday, hitting $34.44. 15,896 shares of the company’s stock were exchanged, compared to its average volume of 25,369. The business’s 50-day simple moving average is $35.75 and its 200 day simple moving average is $31.97. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.74 and a quick ratio of 0.74. 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 $308.58 million, a price-to-earnings ratio of 10.86 and a beta of 0.72.

ChoiceOne Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.25%. This is an increase from ChoiceOne Financial Services’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, December 13th. ChoiceOne Financial Services’s payout ratio is presently 35.33%.

Analysts Set New Price Targets

Separately, DA Davidson initiated coverage on shares of ChoiceOne Financial Services in a report on Friday, October 18th. They issued a “buy” rating and a $37.00 target price for the company.

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.