ChoiceOne Financial Services, Inc. Plans Quarterly Dividend of $0.27 (NASDAQ:COFS)

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) declared a quarterly dividend on Friday, August 23rd, Zacks reports. Shareholders of record on Friday, September 13th will be paid a dividend of 0.27 per share on Monday, September 30th. This represents a $1.08 annualized dividend and a yield of 3.58%. The ex-dividend date is Friday, September 13th.

ChoiceOne Financial Services has raised its dividend payment by an average of 8.6% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. ChoiceOne Financial Services has a payout ratio of 27.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ChoiceOne Financial Services to earn $3.97 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 27.2%.

ChoiceOne Financial Services Price Performance

Shares of COFS stock traded down $0.04 on Wednesday, hitting $30.17. 5,123 shares of the company’s stock were exchanged, compared to its average volume of 15,518. The stock has a market cap of $228.42 million, a P/E ratio of 10.77 and a beta of 0.70. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.72 and a quick ratio of 0.72. The company has a 50 day moving average of $28.23 and a 200 day moving average of $26.64. ChoiceOne Financial Services has a 12 month low of $15.84 and a 12 month high of $32.14.

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

Insider Activity at ChoiceOne Financial Services

In related news, CEO Kelly Potes purchased 2,000 shares of ChoiceOne Financial Services stock in a transaction that occurred on Thursday, July 25th. The stock was bought at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the transaction, the chief executive officer now owns 40,133 shares in the company, valued at $1,003,325. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, President Michael J. Burke, Jr. acquired 1,000 shares of ChoiceOne Financial Services stock in a transaction dated Friday, August 2nd. The shares were purchased at an average cost of $27.25 per share, for a total transaction of $27,250.00. Following the transaction, the president now owns 2,000 shares of the company’s stock, valued at $54,500. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kelly Potes purchased 2,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were acquired at an average cost 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 approximately $1,003,325. The disclosure for this purchase can be found here. Insiders have purchased 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.

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.