Zacks Investment Management Takes Position in ChoiceOne Financial Services, Inc. (NASDAQ:COFS)

Zacks Investment Management bought a new position in shares of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 117,273 shares of the company’s stock, valued at approximately $3,625,000. Zacks Investment Management owned 1.31% of ChoiceOne Financial Services at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Renaissance Technologies LLC grew its position in shares of ChoiceOne Financial Services by 7.3% during the 2nd quarter. Renaissance Technologies LLC now owns 19,000 shares of the company’s stock worth $544,000 after buying an additional 1,300 shares during the period. Empowered Funds LLC boosted 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 acquiring an additional 1,340 shares in the last quarter. Bank of New York Mellon Corp increased its stake in ChoiceOne Financial Services by 7.0% in the second quarter. Bank of New York Mellon Corp now owns 21,720 shares of the company’s stock valued at $622,000 after purchasing an additional 1,425 shares in the last quarter. Mattson Financial Services LLC bought a new stake in ChoiceOne Financial Services in the second quarter valued at $47,000. Finally, Vanguard Group Inc. raised its holdings in shares of ChoiceOne Financial Services by 0.8% during the first quarter. Vanguard Group Inc. now owns 350,690 shares of the company’s stock valued at $9,591,000 after purchasing an additional 2,871 shares during the period. 19.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

ChoiceOne Financial Services Price Performance

Shares of NASDAQ:COFS opened at $37.51 on Monday. ChoiceOne Financial Services, Inc. has a twelve month low of $21.52 and a twelve month high of $38.02. The stock’s 50 day moving average is $33.66 and its 200-day moving average is $29.95. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $336.09 million, a price-to-earnings ratio of 11.83 and a beta of 0.71.

ChoiceOne Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.28 per share. This is an increase from ChoiceOne Financial Services’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.12 annualized dividend and a yield of 2.99%. ChoiceOne Financial Services’s dividend payout ratio is presently 34.07%.

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.