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

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 266,000 shares, a growth of 25.4% from the October 15th total of 212,100 shares. Based on an average trading volume of 37,300 shares, the short-interest ratio is presently 7.1 days.

Hedge Funds Weigh In On ChoiceOne Financial Services

A number of hedge funds and other institutional investors have recently made changes to their positions in COFS. Mattson Financial Services LLC bought a new position in shares of ChoiceOne Financial Services during the second quarter worth $47,000. Barclays PLC lifted its position in ChoiceOne Financial Services by 173.3% in the 3rd quarter. Barclays PLC now owns 13,347 shares of the company’s stock valued at $412,000 after acquiring an additional 8,463 shares in the last quarter. Renaissance Technologies LLC lifted its position in ChoiceOne Financial Services by 7.3% in the 2nd quarter. Renaissance Technologies LLC now owns 19,000 shares of the company’s stock valued at $544,000 after acquiring an additional 1,300 shares in the last quarter. Bank of New York Mellon Corp lifted its position in ChoiceOne Financial Services by 7.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 21,720 shares of the company’s stock valued at $622,000 after acquiring an additional 1,425 shares in the last quarter. Finally, Empowered Funds LLC lifted its position 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 in the last quarter. 19.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, DA Davidson began coverage on shares of ChoiceOne Financial Services in a report on Friday, October 18th. They set a “buy” rating and a $37.00 target price for the company.

ChoiceOne Financial Services Trading Down 0.1 %

Shares of NASDAQ COFS opened at $35.54 on Friday. The company’s fifty day moving average is $31.82 and its 200-day moving average is $28.80. The stock has a market cap of $318.44 million, a price-to-earnings ratio of 11.21 and a beta of 0.69. ChoiceOne Financial Services has a twelve month low of $21.52 and a twelve month high of $37.00. The company has a quick ratio of 0.72, a current ratio of 0.74 and a debt-to-equity ratio of 0.99.

ChoiceOne Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.27 per share. The ex-dividend date was Friday, September 13th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.04%. ChoiceOne Financial Services’s dividend payout ratio is 34.07%.

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.