Short Interest in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Declines By 86.1%

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the recipient of a significant decrease in short interest in 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. Currently, 0.9% of the company’s shares are sold short. Based on an average daily volume of 36,600 shares, the days-to-cover ratio is presently 2.1 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COFS. Mattson Financial Services LLC lifted its stake in shares of 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 in the last quarter. Globeflex Capital L P bought a new stake in ChoiceOne Financial Services in the 4th quarter worth approximately $107,000. SG Americas Securities LLC purchased a new stake in ChoiceOne Financial Services during the 4th quarter valued at $123,000. Wells Fargo & Company MN lifted its holdings in shares of 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 buying an additional 1,065 shares during the period. Finally, Hsbc Holdings PLC bought a new position in shares of ChoiceOne Financial Services during the 4th quarter valued at $260,000. Institutional investors own 19.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Janney Montgomery Scott raised shares of ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a research note on Monday, March 3rd. DA Davidson decreased their price objective on shares of ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Hovde Group initiated coverage on shares of ChoiceOne Financial Services in a report on Monday, March 10th. They set an “outperform” rating and a $35.00 target price for the company.

ChoiceOne Financial Services Trading Down 0.3 %

Shares of COFS traded down $0.10 during mid-day trading on Wednesday, hitting $29.28. 23,783 shares of the company’s stock traded hands, compared to its average volume of 25,746. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $262.61 million, a P/E ratio of 8.98 and a beta of 0.72. The business’s 50-day moving average price is $31.90 and its 200-day moving average price is $33.06. ChoiceOne Financial Services has a 1 year low of $21.52 and a 1 year high of $38.15.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $0.83 EPS for the quarter, topping 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%. As a group, sell-side analysts forecast that ChoiceOne Financial Services will post 3.67 EPS for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

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

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.