ChoiceOne Financial Services (NASDAQ:COFS) Receives New Coverage from Analysts at DA Davidson

by · The Markets Daily

Research analysts at DA Davidson started coverage on shares of ChoiceOne Financial Services (NASDAQ:COFS – Get Free Report) in a note issued to investors on Friday, Briefing.com reports. The firm set a “buy” rating and a $37.00 price target on the stock. DA Davidson’s target price points to a potential upside of 16.21% from the stock’s current price.

ChoiceOne Financial Services Stock Up 1.3 %

NASDAQ COFS opened at $31.84 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a 50-day simple moving average of $29.80 and a 200 day simple moving average of $27.41. ChoiceOne Financial Services has a twelve month low of $15.84 and a twelve month high of $32.26. The stock has a market cap of $241.06 million, a PE ratio of 11.33 and a beta of 0.70.

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

Insiders Place Their Bets

In other ChoiceOne Financial Services news, CEO Kelly Potes purchased 2,000 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was purchased 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 in the company, valued at approximately $1,003,325. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other ChoiceOne Financial Services news, CEO Kelly Potes purchased 2,000 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was purchased 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 in the company, valued at approximately $1,003,325. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Michael J. Burke, Jr. bought 1,000 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was purchased 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 of the company’s stock, valued at $54,500. The trade was a 100.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 5,900 shares of company stock worth $154,085 over the last quarter. Company insiders own 7.92% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of COFS. Vanguard Group Inc. raised its stake 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 raised its stake in shares of ChoiceOne Financial Services by 7.9% in the first quarter. Empowered Funds LLC now owns 23,920 shares of the company’s stock valued at $654,000 after acquiring an additional 1,750 shares during the last quarter. Mattson Financial Services LLC bought a new position in shares of ChoiceOne Financial Services in the second quarter valued at approximately $47,000. Bank of New York Mellon Corp raised 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 acquiring an additional 1,425 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of ChoiceOne Financial Services by 7.3% in the second quarter. Renaissance Technologies LLC now owns 19,000 shares of the company’s stock valued at $544,000 after acquiring an additional 1,300 shares during the last quarter. Institutional investors own 19.90% of the company’s stock.

About ChoiceOne Financial Services

(Get Free Report)

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.

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