ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Update

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the recipient of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 76,700 shares, a decrease of 86.1% from the February 28th total of 550,200 shares. Based on an average trading volume of 36,600 shares, the days-to-cover ratio is currently 2.1 days. Currently, 0.9% of the shares of the stock are sold short.

ChoiceOne Financial Services Trading Down 0.3 %

Shares of COFS opened at $29.28 on Thursday. ChoiceOne Financial Services has a fifty-two week low of $21.52 and a fifty-two week high of $38.15. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.74 and a current ratio of 0.74. The company’s fifty day moving average is $31.90 and its 200 day moving average is $33.06. The stock has a market capitalization of $262.61 million, a PE ratio of 8.98 and a beta of 0.72.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its earnings results on Wednesday, January 22nd. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.01. ChoiceOne Financial Services had a net margin of 19.21% and a return on equity of 12.44%. Sell-side analysts expect that ChoiceOne Financial Services will post 3.67 earnings per share for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Friday, March 14th. ChoiceOne Financial Services’s payout ratio is 34.36%.

Hedge Funds Weigh In On ChoiceOne Financial Services

Several large investors have recently modified their holdings of the stock. Mattson Financial Services LLC lifted its position in ChoiceOne Financial Services by 58.0% in the fourth quarter. Mattson Financial Services LLC now owns 2,575 shares of the company’s stock worth $92,000 after buying an additional 945 shares during the last quarter. Globeflex Capital L P bought a new stake in shares of ChoiceOne Financial Services in the 4th quarter worth about $107,000. SG Americas Securities LLC purchased a new position in shares of ChoiceOne Financial Services during the 4th quarter worth about $123,000. Wells Fargo & Company MN grew its holdings in ChoiceOne Financial Services by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 4,891 shares of the company’s stock valued at $174,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in ChoiceOne Financial Services in the 4th quarter worth about $260,000. Institutional investors own 19.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on COFS. Janney Montgomery Scott upgraded shares of ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a report on Monday, March 3rd. 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. Finally, Hovde Group assumed coverage on ChoiceOne Financial Services in a research note on Monday, March 10th. They set an “outperform” rating and a $35.00 price target 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.