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

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 124,000 shares, a growth 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.

Insider Activity

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

Institutional Investors Weigh In On ChoiceOne Financial Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in COFS. Vanguard Group Inc. increased its position in shares of ChoiceOne Financial Services by 0.8% in the first quarter. Vanguard Group Inc. now owns 350,690 shares of the company’s stock valued at $9,591,000 after acquiring an additional 2,871 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of ChoiceOne Financial Services by 7.9% in the 1st quarter. Empowered Funds LLC now owns 23,920 shares of the company’s stock valued at $654,000 after buying an additional 1,750 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of ChoiceOne Financial Services by 7.0% in the second quarter. Bank of New York Mellon Corp now owns 21,720 shares of the company’s stock valued at $622,000 after buying an additional 1,425 shares in the last quarter. Renaissance Technologies LLC increased its holdings in ChoiceOne Financial Services by 7.3% during the second quarter. Renaissance Technologies LLC now owns 19,000 shares of the company’s stock worth $544,000 after buying an additional 1,300 shares during the last quarter. Finally, CWM LLC raised its position in ChoiceOne Financial Services by 33.8% during the first quarter. CWM LLC now owns 4,798 shares of the company’s stock worth $131,000 after acquiring an additional 1,211 shares in the last quarter. 19.90% of the stock is owned by institutional investors.

ChoiceOne Financial Services Stock Up 0.7 %

Shares of ChoiceOne Financial Services stock traded up $0.20 during trading on Monday, reaching $30.19. The stock had a trading volume of 48,840 shares, compared to its average volume of 15,797. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $228.57 million, a price-to-earnings ratio of 10.74 and a beta of 0.70. The stock has a fifty day moving average price of $28.47 and a two-hundred day moving average price of $26.74. ChoiceOne Financial Services has a 52 week low of $15.84 and a 52 week high of $32.14.

ChoiceOne Financial Services (NASDAQ:COFS) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. ChoiceOne Financial Services had a return on equity of 11.35% and a net margin of 17.61%. The firm had revenue of $22.45 million during the quarter, compared to the consensus estimate of $21.60 million. Sell-side analysts predict that ChoiceOne Financial Services will post 3.06 EPS for the current fiscal 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 paid a $0.27 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.08 annualized dividend and a yield of 3.58%. ChoiceOne Financial Services’s payout ratio is currently 38.43%.

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.