Bank of New York Mellon Corp Has $994,000 Stock Holdings in ChoiceOne Financial Services, Inc. (NASDAQ:COFS)

Bank of New York Mellon Corp boosted its position in ChoiceOne Financial Services, Inc. (NASDAQ:COFS) by 33.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 27,882 shares of the company’s stock after buying an additional 6,921 shares during the quarter. Bank of New York Mellon Corp’s holdings in ChoiceOne Financial Services were worth $994,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in COFS. Fourthstone LLC bought a new position in shares of ChoiceOne Financial Services in the 3rd quarter valued at $10,962,000. The Manufacturers Life Insurance Company acquired a new stake in ChoiceOne Financial Services in the third quarter valued at about $6,906,000. Zacks Investment Management bought a new position in ChoiceOne Financial Services in the third quarter valued at about $3,625,000. Jacobs Asset Management LLC acquired a new position in ChoiceOne Financial Services during the third quarter worth about $3,091,000. Finally, Geode Capital Management LLC raised its stake in ChoiceOne Financial Services by 21.2% during the third quarter. Geode Capital Management LLC now owns 187,342 shares of the company’s stock worth $5,792,000 after acquiring an additional 32,725 shares in the last quarter. 19.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on COFS. Janney Montgomery Scott upgraded shares of ChoiceOne Financial Services from a “neutral” rating to a “buy” rating in a research note on Monday, March 3rd. DA Davidson cut their target price 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 initiated coverage on shares of ChoiceOne Financial Services in a report on Monday, March 10th. They set an “outperform” rating and a $35.00 price target for the company.

ChoiceOne Financial Services Stock Performance

NASDAQ:COFS opened at $29.64 on Tuesday. The stock’s 50-day moving average is $32.11 and its 200-day moving average is $33.09. ChoiceOne Financial Services, Inc. has a 1-year low of $21.52 and a 1-year high of $38.15. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.99. The stock has a market cap of $265.84 million, a P/E ratio of 9.09 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 EPS for the quarter, topping the consensus estimate of $0.82 by $0.01. ChoiceOne Financial Services had a net margin of 19.21% and a return on equity of 12.44%. Equities research analysts anticipate that ChoiceOne Financial Services, Inc. will post 3.67 earnings per share for the current year.

ChoiceOne Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.28 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.12 annualized dividend and a dividend yield of 3.78%. ChoiceOne Financial Services’s dividend payout ratio is 34.36%.

ChoiceOne Financial Services 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.