Insider Buying: ChoiceOne Financial Services (NASDAQ:COFS) Director Purchases 5,000 Shares of Stock

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Director Eric Burrough bought 5,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were acquired at an average cost of $28.50 per share, for a total transaction of $142,500.00. Following the transaction, the director directly owned 174,833 shares in the company, valued at approximately $4,982,740.50. This trade represents a 2.94% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

ChoiceOne Financial Services Stock Up 1.3%

Shares of COFS traded up $0.37 during mid-day trading on Wednesday, hitting $29.01. The company’s stock had a trading volume of 41,076 shares, compared to its average volume of 79,324. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average is $28.93 and its 200-day moving average is $29.35. ChoiceOne Financial Services, Inc. has a 52-week low of $24.89 and a 52-week high of $38.15. The firm has a market capitalization of $435.77 million, a price-to-earnings ratio of 21.19 and a beta of 0.59.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its quarterly earnings data on Tuesday, November 8th. The company reported $0.60 EPS for the quarter. The company had revenue of $20.17 million during the quarter. ChoiceOne Financial Services had a net margin of 10.57% and a return on equity of 11.52%. On average, equities research analysts forecast that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Monday, September 15th. ChoiceOne Financial Services’s dividend payout ratio is 81.75%.

Analysts Set New Price Targets

Several equities analysts have issued reports on COFS shares. Wall Street Zen upgraded ChoiceOne Financial Services from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ChoiceOne Financial Services in a research report on Wednesday, October 8th. Finally, Zacks Research raised shares of ChoiceOne Financial Services from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Institutional Trading of ChoiceOne Financial Services

Several large investors have recently added to or reduced their stakes in COFS. Jones Financial Companies Lllp purchased a new position in shares of ChoiceOne Financial Services in the third quarter worth about $32,000. Legal & General Group Plc increased its holdings in ChoiceOne Financial Services by 74.6% in the 2nd quarter. Legal & General Group Plc now owns 1,297 shares of the company’s stock worth $37,000 after buying an additional 554 shares during the period. Ameritas Investment Partners Inc. increased its holdings in ChoiceOne Financial Services by 153.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,461 shares of the company’s stock worth $42,000 after buying an additional 884 shares during the period. Aquatic Capital Management LLC purchased a new position in ChoiceOne Financial Services during the 3rd quarter worth approximately $46,000. Finally, Tower Research Capital LLC TRC lifted its stake in ChoiceOne Financial Services by 617.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,260 shares of the company’s stock valued at $65,000 after acquiring an additional 1,945 shares during the period. Hedge funds and other institutional investors own 19.90% of the company’s stock.

ChoiceOne Financial Services Company 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.