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

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) announced a quarterly dividend on Friday, August 23rd, Zacks reports. Investors of record on Friday, September 13th will be given a dividend of 0.27 per share on Monday, September 30th. This represents a $1.08 annualized dividend and a dividend 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% per year over the last three years and has raised its dividend every year for the last 12 years. ChoiceOne Financial Services has a dividend payout ratio of 27.2% meaning 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 Stock Down 0.1 %

COFS stock traded down $0.04 during midday trading on Wednesday, reaching $30.17. The company had a trading volume of 4,549 shares, compared to its average volume of 15,515. The company has a 50 day moving average of $28.23 and a two-hundred day moving average of $26.64. The company has a market capitalization of $228.42 million, a P/E ratio of 10.77 and a beta of 0.70. ChoiceOne Financial Services has a 1 year low of $15.84 and a 1 year high of $32.14. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.15.

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

Insiders Place Their Bets

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