ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Update

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the target of a large growth in short interest in September. As of September 15th, there was short interest totalling 153,500 shares, a growth of 23.8% from the August 31st total of 124,000 shares. Based on an average daily trading volume, of 29,300 shares, the days-to-cover ratio is presently 5.2 days.

ChoiceOne Financial Services Stock Up 0.9 %

NASDAQ COFS traded up $0.28 during trading on Monday, hitting $30.94. 1,697 shares of the company traded hands, compared to its average volume of 17,963. ChoiceOne Financial Services has a 12 month low of $15.84 and a 12 month high of $32.26. The business has a fifty day simple moving average of $29.03 and a 200 day simple moving average of $27.04. 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 $234.25 million, a P/E ratio of 10.91 and a beta of 0.70.

ChoiceOne Financial Services (NASDAQ:COFS) last released its 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 business had revenue of $22.45 million for the quarter, compared to the consensus estimate of $21.60 million. As a group, sell-side analysts predict that ChoiceOne Financial Services will post 3.06 EPS for the current year.

ChoiceOne Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Friday, September 13th. ChoiceOne Financial Services’s dividend payout ratio (DPR) is presently 38.43%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 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. 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. 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. Finally, CWM LLC raised its position in ChoiceOne Financial Services by 33.8% in the 1st quarter. CWM LLC now owns 4,798 shares of the company’s stock worth $131,000 after purchasing an additional 1,211 shares during the last quarter. Institutional investors own 19.90% of the company’s stock.

About ChoiceOne Financial Services

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.