ChoiceOne Financial Services, Inc. (NASDAQ:COFS) Short Interest Up 31.2% in August

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 124,000 shares, a growth of 31.2% from the August 15th total of 94,500 shares. Based on an average daily volume of 21,800 shares, the days-to-cover ratio is currently 5.7 days.

ChoiceOne Financial Services Stock Up 0.7 %

Shares of COFS traded up $0.20 during mid-day trading on Monday, hitting $30.19. 48,840 shares of the company’s stock were exchanged, compared to its average volume of 15,797. The stock’s 50-day moving average is $28.47 and its 200-day moving average is $26.74. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.72 and a current ratio of 0.72. ChoiceOne Financial Services has a fifty-two week low of $15.84 and a fifty-two week high of $32.14. The company has a market cap of $228.57 million, a price-to-earnings ratio of 10.74 and a beta of 0.70.

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, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $21.60 million. On average, sell-side analysts anticipate that ChoiceOne Financial Services will post 3.06 earnings per share for the current fiscal year.

ChoiceOne Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, September 13th. This represents a $1.08 dividend on an annualized basis and a yield of 3.58%. ChoiceOne Financial Services’s payout ratio is currently 38.43%.

Insider Buying and Selling

In related news, CEO Kelly Potes purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was purchased at an average price of $25.00 per share, with a total value of $50,000.00. Following the completion of the acquisition, the chief executive officer now owns 40,133 shares in the company, valued at $1,003,325. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other ChoiceOne Financial Services news, President Michael J. Burke, Jr. purchased 1,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were acquired at an average price of $27.25 per share, with a total value of $27,250.00. Following the purchase, the president now directly owns 2,000 shares in the company, valued at approximately $54,500. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Kelly Potes acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were acquired at an average cost of $25.00 per share, with a total value of $50,000.00. Following the completion of the transaction, the chief executive officer now directly owns 40,133 shares in the company, valued at approximately $1,003,325. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 5,900 shares of company stock worth $154,085. 7.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ChoiceOne Financial Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of ChoiceOne Financial Services by 33.8% in the first quarter. CWM LLC now owns 4,798 shares of the company’s stock valued at $131,000 after buying an additional 1,211 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of 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 buying an additional 1,300 shares during the period. Bank of New York Mellon Corp boosted 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 worth $622,000 after acquiring an additional 1,425 shares during the last quarter. Empowered Funds LLC raised its holdings in ChoiceOne Financial Services by 7.9% in the 1st 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. Finally, Vanguard Group Inc. lifted its stake in shares of ChoiceOne Financial Services by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 350,690 shares of the company’s stock worth $9,591,000 after purchasing an additional 2,871 shares during the period. Hedge funds and other institutional investors 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.