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

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 208,000 shares, an increase of 35.5% from the September 15th total of 153,500 shares. Based on an average daily trading volume, of 31,000 shares, the short-interest ratio is currently 6.7 days.

ChoiceOne Financial Services Price Performance

COFS stock traded up $0.41 during mid-day trading on Tuesday, hitting $30.90. The stock had a trading volume of 49,647 shares, compared to its average volume of 18,665. The firm has a fifty day simple moving average of $29.52 and a 200 day simple moving average of $27.33. The firm has a market capitalization of $233.94 million, a P/E ratio of 11.03 and a beta of 0.70. ChoiceOne Financial Services has a 52 week low of $15.84 and a 52 week high of $32.26. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.15.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its 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 firm had revenue of $22.45 million during the quarter, compared to the consensus estimate of $21.60 million. ChoiceOne Financial Services had a return on equity of 11.35% and a net margin of 17.61%. As a group, research analysts forecast that ChoiceOne Financial Services will post 3.06 EPS for the current year.

ChoiceOne Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend was Friday, September 13th. ChoiceOne Financial Services’s dividend payout ratio is currently 38.43%.

Insider Activity at ChoiceOne Financial Services

In related news, CEO Kelly Potes acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were acquired at an average cost of $25.00 per share, with a total value of $50,000.00. Following the transaction, the chief executive officer now owns 40,133 shares of the company’s stock, valued at $1,003,325. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, President Michael J. Burke, Jr. bought 1,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were bought at an average price of $27.25 per share, for a total transaction of $27,250.00. Following the completion of the purchase, the president now owns 2,000 shares in the company, valued at approximately $54,500. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kelly Potes purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was acquired at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the purchase, the chief executive officer now directly owns 40,133 shares of the company’s stock, valued at $1,003,325. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 5,900 shares of company stock worth $154,085 in the last quarter. Corporate insiders own 7.92% of the company’s stock.

Institutional Investors Weigh In On ChoiceOne Financial Services

Several hedge funds have recently added to or reduced their stakes in COFS. Vanguard Group Inc. grew its position in shares of ChoiceOne Financial Services by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 350,690 shares of the company’s stock valued at $9,591,000 after buying an additional 2,871 shares during the last quarter. Mattson Financial Services LLC acquired a new stake in ChoiceOne Financial Services during the 2nd quarter valued at approximately $47,000. Bank of New York Mellon Corp increased its position 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 during the period. Empowered Funds LLC raised 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 worth $654,000 after purchasing an additional 1,750 shares during the last quarter. Finally, CWM LLC lifted its position in shares of ChoiceOne Financial Services by 33.8% in the 1st quarter. CWM LLC now owns 4,798 shares of the company’s stock worth $131,000 after purchasing an additional 1,211 shares during the period. 19.90% of the stock is currently owned by institutional investors and hedge funds.

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.