ChoiceOne Financial Services (NASDAQ:COFS) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS

ChoiceOne Financial Services (NASDAQ:COFS) released its earnings results on Friday. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.12, FiscalAI reports. The firm had revenue of $45.19 million for the quarter, compared to the consensus estimate of $44.50 million. ChoiceOne Financial Services had a return on equity of 12.04% and a net margin of 22.77%.

ChoiceOne Financial Services Stock Performance

COFS traded up $0.40 during trading on Friday, reaching $35.40. The company’s stock had a trading volume of 57,277 shares, compared to its average volume of 84,729. The company’s fifty day moving average price is $33.35 and its 200-day moving average price is $31.47. The company has a market capitalization of $529.61 million, a price-to-earnings ratio of 9.75 and a beta of 0.61. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.87 and a current ratio of 0.87. ChoiceOne Financial Services has a 52-week low of $26.63 and a 52-week high of $37.10.

ChoiceOne Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.16 annualized dividend and a dividend yield of 3.3%. ChoiceOne Financial Services’s payout ratio is presently 31.96%.

Analyst Ratings Changes

COFS has been the subject of several research reports. DA Davidson boosted their price objective on ChoiceOne Financial Services from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings restated a “buy (b)” rating on shares of ChoiceOne Financial Services in a research report on Friday, September 25th. Finally, Hovde Group raised their price target on shares of ChoiceOne Financial Services from $32.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

About ChoiceOne Financial Services

ChoiceOne Financial Services, Inc (NASDAQ: COFS) is the bank holding company for ChoiceOne Bank, a community banking organization headquartered in Sparta, Michigan. The company serves individuals, families, farmers and businesses through a network of branches and digital banking channels primarily across western and central Michigan.

ChoiceOne Bank provides a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and commercial lending.