ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Sees Large Increase in Short Interest

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 124,000 shares, an increase of 31.2% from the August 15th total of 94,500 shares. Based on an average daily trading volume, of 21,800 shares, the short-interest ratio is currently 5.7 days.

ChoiceOne Financial Services Trading Up 0.7 %

Shares of NASDAQ COFS traded up $0.20 during trading on Monday, hitting $30.19. 48,840 shares of the company traded hands, compared to its average volume of 15,797. The firm has a market capitalization of $228.57 million, a P/E ratio of 10.74 and a beta of 0.70. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 1.15. The company has a 50-day moving average price of $28.47 and a 200-day moving average price of $26.74. ChoiceOne Financial Services has a 1 year low of $15.84 and a 1 year high of $32.14.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.76 by $0.11. The company had revenue of $22.45 million during the quarter, compared to analyst estimates of $21.60 million. ChoiceOne Financial Services had a return on equity of 11.35% and a net margin of 17.61%. On average, equities analysts predict that ChoiceOne Financial Services will post 3.06 EPS for the current year.

ChoiceOne Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.08 dividend on an annualized basis and a yield of 3.58%. ChoiceOne Financial Services’s dividend payout ratio (DPR) is 38.43%.

Insider Activity

In other ChoiceOne Financial Services news, President Michael J. Burke, Jr. purchased 1,000 shares of ChoiceOne Financial Services stock in a transaction on Friday, August 2nd. The shares were bought at an average price of $27.25 per share, with a total value of $27,250.00. Following the purchase, the president now directly owns 2,000 shares in the company, valued at approximately $54,500. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In other ChoiceOne Financial Services news, President Michael J. Burke, Jr. purchased 1,000 shares of the stock in a transaction on Friday, August 2nd. The stock was bought at an average price of $27.25 per share, for a total transaction of $27,250.00. Following the acquisition, the president now directly owns 2,000 shares of the company’s stock, valued at $54,500. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Kelly Potes acquired 2,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $26.73 per share, for a total transaction of $53,460.00. Following the completion of the acquisition, the chief executive officer now owns 5,000 shares in the company, valued at $133,650. The disclosure for this purchase can be found here. Insiders bought a total of 5,900 shares of company stock valued at $154,085 over the last 90 days. Insiders own 7.92% of the company’s stock.

Institutional Investors Weigh In On ChoiceOne Financial Services

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in ChoiceOne Financial Services by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 350,690 shares of the company’s stock worth $9,591,000 after acquiring an additional 2,871 shares during the period. Empowered Funds LLC grew its holdings in ChoiceOne Financial Services by 7.9% during the 1st quarter. Empowered Funds LLC now owns 23,920 shares of the company’s stock valued at $654,000 after purchasing an additional 1,750 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in ChoiceOne Financial Services by 7.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 21,720 shares of the company’s stock valued at $622,000 after purchasing an additional 1,425 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in ChoiceOne Financial Services by 7.3% in the 2nd quarter. Renaissance Technologies LLC now owns 19,000 shares of the company’s stock worth $544,000 after buying an additional 1,300 shares in the last quarter. Finally, CWM LLC boosted its position in ChoiceOne Financial Services by 33.8% in the 1st quarter. CWM LLC now owns 4,798 shares of the company’s stock valued at $131,000 after buying an additional 1,211 shares during the last quarter. 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.