ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Up 7.9% in January

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 337,600 shares, a growth of 7.9% from the December 31st total of 313,000 shares. Based on an average daily trading volume, of 31,600 shares, the days-to-cover ratio is currently 10.7 days.

Wall Street Analyst Weigh In

Separately, DA Davidson dropped their target price on ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating for the company in a report on Monday, January 27th.

ChoiceOne Financial Services Stock Down 1.2 %

COFS opened at $33.10 on Tuesday. ChoiceOne Financial Services has a fifty-two week low of $21.52 and a fifty-two week high of $38.15. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market capitalization of $296.58 million, a P/E ratio of 10.15 and a beta of 0.71. The stock has a fifty day moving average of $35.37 and a 200-day moving average of $32.36.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.01. ChoiceOne Financial Services had a return on equity of 12.44% and a net margin of 19.21%. On average, equities analysts expect that ChoiceOne Financial Services will post 3.67 EPS for the current year.

ChoiceOne Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Friday, December 13th. This is an increase from ChoiceOne Financial Services’s previous quarterly dividend of $0.27. ChoiceOne Financial Services’s payout ratio is 34.36%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of COFS. Fourthstone LLC acquired a new position in ChoiceOne Financial Services in the third quarter valued at about $10,962,000. The Manufacturers Life Insurance Company bought a new position in ChoiceOne Financial Services in the third quarter valued at about $6,906,000. Zacks Investment Management bought a new position in ChoiceOne Financial Services in the third quarter valued at about $3,625,000. Jacobs Asset Management LLC bought a new position in ChoiceOne Financial Services in the third quarter valued at about $3,091,000. Finally, Curi RMB Capital LLC bought a new position in ChoiceOne Financial Services in the third quarter valued at about $2,192,000. Institutional investors and hedge funds own 19.90% of the company’s stock.

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.