ChoiceOne Financial Services, Inc. (NASDAQ:COFS – Get Rating) benefited from a sharp drop in short-term interest rates in September. As of September 15, there was short interest totaling 11,700 shares, down 7.9% from the August 31 total of 12,700 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily trading volume of 5,500 shares, the day-to-cover ratio is currently 2.1 days.
Hedge funds weigh on ChoiceOne Financial Services
Major investors have recently changed their stake in the company. Renaissance Technologies LLC increased its stake in ChoiceOne Financial Services by 4.3% in the 1st quarter. Renaissance Technologies LLC now owns 30,500 shares of the company valued at $764,000 after purchasing an additional 1,261 shares in the last quarter. State Street Corp increased its stake in ChoiceOne Financial Services by 11.7% in the first quarter. State Street Corp now owns 22,223 shares of the company valued at $557,000 after acquiring 2,323 additional shares in the last quarter. Jacobs Asset Management LLC increased its position in ChoiceOne Financial Services by 5.0% in the second quarter. Jacobs Asset Management LLC now owns 114,724 shares of the company valued at $2,311,000 after purchasing an additional 5,452 shares during the period. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of ChoiceOne Financial Services during the first quarter at a value of approximately $244,000. 10.70% of the shares are held by hedge funds and other institutional investors.
ChoiceOne financial services trades up 0.1%
Shares of COFS rose $0.03 on Friday, hitting $21.72. The stock had a trading volume of 19,344 shares, compared to an average volume of 8,054. The company’s 50-day moving average price is $21.56 and its 200-day moving average price is 22. $09. The company has a debt ratio of 0.25, a current ratio of 0.53 and a quick ratio of 0.52. ChoiceOne Financial Services has a 1 year minimum of $19.20 and a 1 year maximum of $29.38. The company has a market capitalization of $163.12 million, a P/E ratio of 7.49 and a beta of 0.65.
ChoiceOne Financial Services (NASDAQ:COFS – Get Rating) last released quarterly earnings data on Wednesday, July 27. The company reported earnings per share (EPS) of $0.75 for the quarter. The company had revenue of $19.72 million in the quarter. ChoiceOne Financial Services posted a return on equity of 10.89% and a net margin of 25.82%.
ChoiceOne Financial Services Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 30. Shareholders of record on Thursday, September 15 received a dividend of $0.25 per share. This represents a dividend of $1.00 on an annualized basis and a dividend yield of 4.60%. The ex-dividend date was Wednesday, September 14. ChoiceOne Financial Services’ dividend payout ratio (DPR) is 34.48%.
ChoiceOne Financial Services Company Profile
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ChoiceOne Financial Services, Inc. operates as the banking holding company for ChoiceOne Bank which provides community banking services to Michigan businesses, partnerships and individuals. The Company offers various deposit products, including term, savings and demand deposits, vault deposits and automated transaction machine services.
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