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

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the recipient of a large growth in short interest in the month of 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 trading volume of 29,300 shares, the short-interest ratio is presently 5.2 days.

Insiders Place Their Bets

In other ChoiceOne Financial Services news, CEO Kelly Potes bought 2,000 shares of the stock in a transaction on Monday, August 5th. The stock was purchased at an average price of $26.73 per share, with a total value of $53,460.00. Following the acquisition, the chief executive officer now owns 5,000 shares of the company’s stock, valued at $133,650. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Kelly Potes purchased 2,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $26.73 per share, with a total value of $53,460.00. Following the acquisition, the chief executive officer now directly owns 5,000 shares of the company’s stock, valued at $133,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Michael J. Burke, Jr. bought 1,000 shares of ChoiceOne Financial Services stock in a transaction that occurred on Friday, August 2nd. The stock was 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 approximately $54,500. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 5,900 shares of company stock valued at $154,085. Company insiders own 7.92% of the company’s stock.

Institutional Investors Weigh In On ChoiceOne Financial Services

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted 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 buying an additional 2,871 shares during the period. Bank of New York Mellon Corp raised its position in ChoiceOne Financial Services by 7.0% during the second quarter. Bank of New York Mellon Corp now owns 21,720 shares of the company’s stock valued at $622,000 after purchasing an additional 1,425 shares in the last quarter. Empowered Funds LLC raised its position in ChoiceOne Financial Services by 7.9% during the first quarter. Empowered Funds LLC now owns 23,920 shares of the company’s stock valued at $654,000 after purchasing an additional 1,750 shares in the last quarter. CWM LLC raised its position in ChoiceOne Financial Services by 33.8% during the first quarter. CWM LLC now owns 4,798 shares of the company’s stock valued at $131,000 after purchasing an additional 1,211 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in ChoiceOne Financial Services by 7.3% during the second quarter. Renaissance Technologies LLC now owns 19,000 shares of the company’s stock valued at $544,000 after purchasing an additional 1,300 shares in the last quarter. 19.90% of the stock is currently owned by institutional investors.

ChoiceOne Financial Services Stock Up 0.9 %

NASDAQ:COFS traded up $0.28 on Monday, hitting $30.94. 1,697 shares of the company’s stock were exchanged, compared to its average volume of 17,963. The firm has a 50-day moving average price of $29.03 and a 200-day moving average price of $27.04. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.72 and a quick ratio of 0.72. ChoiceOne Financial Services has a 52 week low of $15.84 and a 52 week high of $32.26. The company has a market cap of $234.25 million, a P/E ratio of 10.91 and a beta of 0.70.

ChoiceOne Financial Services (NASDAQ:COFS) last issued its earnings results on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. The company had revenue of $22.45 million for 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%. As a group, analysts expect that ChoiceOne Financial Services will post 3.06 EPS for the current fiscal year.

ChoiceOne Financial Services Announces Dividend

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

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.