ChoiceOne Financial Services, Inc. (COFS) to Issue Quarterly Dividend of $0.28 on December 31st

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) announced a quarterly dividend on Wednesday, December 4th,Wall Street Journal reports. Investors of record on Friday, December 13th will be paid a dividend of 0.28 per share on Tuesday, December 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from ChoiceOne Financial Services’s previous quarterly dividend of $0.27.

ChoiceOne Financial Services has raised its dividend payment by an average of 8.6% per year over the last three years and has increased its dividend every year for the last 12 years. ChoiceOne Financial Services has a dividend payout ratio of 28.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect ChoiceOne Financial Services to earn $3.80 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 28.4%.

ChoiceOne Financial Services Stock Performance

Shares of COFS stock opened at $37.36 on Wednesday. The stock has a market capitalization of $334.67 million, a PE ratio of 11.79 and a beta of 0.71. The stock’s 50-day moving average price is $33.93 and its 200 day moving average price is $30.12. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.99. ChoiceOne Financial Services has a 52-week low of $21.52 and a 52-week high of $38.02.

Analyst Ratings Changes

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

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.