Charles Schwab Investment Management Inc. Boosts Stock Holdings in ChoiceOne Financial Services, Inc. (NASDAQ:COFS)

Charles Schwab Investment Management Inc. lifted its stake in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) by 5.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 23,706 shares of the company’s stock after buying an additional 1,263 shares during the period. Charles Schwab Investment Management Inc.’s holdings in ChoiceOne Financial Services were worth $845,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of COFS. The Manufacturers Life Insurance Company purchased a new stake in shares of ChoiceOne Financial Services during the third quarter worth about $6,906,000. Zacks Investment Management bought a new position in ChoiceOne Financial Services during the 3rd quarter valued at approximately $3,625,000. Jacobs Asset Management LLC bought a new position in ChoiceOne Financial Services during the 3rd quarter valued at approximately $3,091,000. Geode Capital Management LLC lifted its holdings in ChoiceOne Financial Services by 21.2% in the 3rd quarter. Geode Capital Management LLC now owns 187,342 shares of the company’s stock worth $5,792,000 after buying an additional 32,725 shares during the period. Finally, Barclays PLC increased its stake in shares of ChoiceOne Financial Services by 173.3% during the third quarter. Barclays PLC now owns 13,347 shares of the company’s stock valued at $412,000 after buying an additional 8,463 shares during the period. Institutional investors own 19.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on COFS. Janney Montgomery Scott raised shares of ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a research report on Monday, March 3rd. DA Davidson reduced their price target on shares of ChoiceOne Financial Services from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Hovde Group assumed coverage on shares of ChoiceOne Financial Services in a report on Monday, March 10th. They issued an “outperform” rating and a $35.00 price objective for the company.

ChoiceOne Financial Services Price Performance

NASDAQ COFS opened at $28.76 on Monday. ChoiceOne Financial Services, Inc. has a one year low of $21.52 and a one year high of $38.15. The stock has a 50-day moving average of $31.68 and a 200 day moving average of $33.06. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market capitalization of $257.95 million, a price-to-earnings ratio of 8.82 and a beta of 0.72.

ChoiceOne Financial Services (NASDAQ:COFS) last posted its earnings results on Wednesday, January 22nd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.01. ChoiceOne Financial Services had a return on equity of 12.44% and a net margin of 19.21%. On average, sell-side analysts forecast that ChoiceOne Financial Services, Inc. will post 3.67 EPS for the current year.

ChoiceOne Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, March 14th. This represents a $1.12 annualized dividend and a dividend yield of 3.89%. ChoiceOne Financial Services’s payout ratio is 34.36%.

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.