ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Sees Large Drop in Short Interest

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) saw a significant decrease in short interest in March. As of March 31st, there was short interest totalling 113,300 shares, a decrease of 7.3% from the March 15th total of 122,200 shares. Currently, 1.7% of the company’s stock are sold short. Based on an average trading volume of 13,500 shares, the short-interest ratio is presently 8.4 days.

ChoiceOne Financial Services Stock Performance

Shares of COFS opened at $22.71 on Tuesday. ChoiceOne Financial Services has a 12 month low of $15.84 and a 12 month high of $32.14. The firm has a fifty day simple moving average of $25.97 and a 200 day simple moving average of $25.13. The stock has a market capitalization of $171.69 million, a price-to-earnings ratio of 8.05 and a beta of 0.65. The company has a current ratio of 0.68, a quick ratio of 0.67 and a debt-to-equity ratio of 1.20.

ChoiceOne Financial Services (NASDAQ:COFS) last announced its quarterly earnings results on Wednesday, January 24th. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.06. The firm had revenue of $20.60 million during the quarter, compared to analysts’ expectations of $20.10 million. ChoiceOne Financial Services had a net margin of 18.67% and a return on equity of 11.73%. Research analysts forecast that ChoiceOne Financial Services will post 2.9 EPS for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.08 annualized dividend and a yield of 4.76%. ChoiceOne Financial Services’s payout ratio is currently 38.30%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. lifted its position in shares of ChoiceOne Financial Services by 468.6% during the 4th quarter. Advisor Group Holdings Inc. now owns 1,251 shares of the company’s stock valued at $36,000 after acquiring an additional 1,031 shares during the period. Bank of America Corp DE lifted its position in shares of ChoiceOne Financial Services by 474.1% during the 1st quarter. Bank of America Corp DE now owns 1,952 shares of the company’s stock valued at $49,000 after acquiring an additional 1,612 shares during the period. California State Teachers Retirement System bought a new stake in shares of ChoiceOne Financial Services during the 2nd quarter worth $53,000. Wells Fargo & Company MN lifted its position in shares of ChoiceOne Financial Services by 5,443.8% during the 2nd quarter. Wells Fargo & Company MN now owns 2,661 shares of the company’s stock worth $61,000 after buying an additional 2,613 shares during the last quarter. Finally, Citigroup Inc. bought a new stake in shares of ChoiceOne Financial Services during the 4th quarter worth $83,000. 19.90% of the stock is owned by institutional investors and hedge funds.

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.