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

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 313,000 shares, an increase of 8.2% from the November 30th total of 289,300 shares. Based on an average daily volume of 31,300 shares, the short-interest ratio is presently 10.0 days.

ChoiceOne Financial Services Trading Up 0.0 %

Shares of ChoiceOne Financial Services stock opened at $35.64 on Thursday. ChoiceOne Financial Services has a 1-year low of $21.52 and a 1-year high of $38.15. The stock has a market cap of $319.26 million, a P/E ratio of 11.24 and a beta of 0.71. The stock’s 50 day simple moving average is $35.69 and its 200-day simple moving average is $31.23. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.74 and a quick ratio of 0.74.

ChoiceOne Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, December 13th. This is a boost from ChoiceOne Financial Services’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 3.14%. ChoiceOne Financial Services’s dividend payout ratio is currently 35.33%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its holdings in ChoiceOne Financial Services by 7.3% in the second 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 during the last quarter. Empowered Funds LLC lifted its stake in ChoiceOne Financial Services by 5.2% during the third quarter. Empowered Funds LLC now owns 27,060 shares of the company’s stock worth $836,000 after purchasing an additional 1,340 shares in the last quarter. Bank of New York Mellon Corp lifted its stake 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 purchasing an additional 1,425 shares in the last quarter. Mattson Financial Services LLC acquired a new position in ChoiceOne Financial Services during the second quarter worth $47,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in ChoiceOne Financial Services by 21.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 22,443 shares of the company’s stock worth $694,000 after purchasing an additional 3,986 shares in the last quarter. 19.90% of the stock is currently 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.