ChoiceOne Financial Services (NASDAQ:COFS) Earns Outperform Rating from Analysts at Hovde Group

Hovde Group assumed coverage on shares of ChoiceOne Financial Services (NASDAQ:COFS) in a research report sent to investors on Monday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $35.00 price objective on the stock.

Several other research firms have also commented on COFS. Janney Montgomery Scott raised ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a research report on Monday, March 3rd. DA Davidson cut their price target on ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, January 27th.

ChoiceOne Financial Services Trading Up 0.1 %

COFS opened at $29.11 on Monday. The firm has a market cap of $260.77 million, a price-to-earnings ratio of 8.93 and a beta of 0.72. ChoiceOne Financial Services has a 52 week low of $21.52 and a 52 week high of $38.15. The business’s 50 day moving average is $32.92 and its two-hundred day moving average is $33.17. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.99.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.83 EPS 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%. On average, research analysts predict that ChoiceOne Financial Services will post 3.67 EPS for the current year.

ChoiceOne Financial Services Dividend Announcement

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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date is Friday, March 14th. ChoiceOne Financial Services’s payout ratio is currently 34.36%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of COFS. Fourthstone LLC acquired a new position in shares of ChoiceOne Financial Services in the third quarter valued at approximately $10,962,000. The Manufacturers Life Insurance Company purchased a new stake in shares of ChoiceOne Financial Services in the third quarter valued at approximately $6,906,000. Zacks Investment Management purchased a new stake in shares of ChoiceOne Financial Services in the third quarter valued at approximately $3,625,000. Jacobs Asset Management LLC purchased a new stake in shares of ChoiceOne Financial Services in the third quarter valued at approximately $3,091,000. Finally, Curi RMB Capital LLC purchased a new stake in shares of ChoiceOne Financial Services in the third quarter valued at approximately $2,192,000. Institutional investors and hedge funds 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.