Fintel reports that on September 27, 2023, Janney Montgomery Scott initiated coverage of Choiceone Financial Services (NASDAQ:COFS) with a Neutral recommendation.
Choiceone Financial Services Declares $0.26 Dividend
On August 23, 2023 the company declared a regular quarterly dividend of $0.26 per share ($1.04 annualized). Shareholders of record as of September 15, 2023 will receive the payment on September 29, 2023. Previously, the company paid $0.26 per share.
At the current share price of $21.01 / share, the stock’s dividend yield is 4.95%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.47%, the lowest has been 2.35%, and the highest has been 5.03%. The standard deviation of yields is 0.73 (n=229).
The current dividend yield is 2.05 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.34. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.30%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 104 funds or institutions reporting positions in Choiceone Financial Services. This is an increase of 52 owner(s) or 100.00% in the last quarter. Average portfolio weight of all funds dedicated to COFS is 0.01%, a decrease of 75.65%. Total shares owned by institutions increased in the last three months by 40.63% to 1,527K shares.
What are Other Shareholders Doing?
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 211K shares representing 2.79% ownership of the company. No change in the last quarter.
IWM – iShares Russell 2000 ETF holds 141K shares representing 1.87% ownership of the company. In it’s prior filing, the firm reported owning 179K shares, representing a decrease of 27.00%. The firm decreased its portfolio allocation in COFS by 5.04% over the last quarter.
Geode Capital Management holds 131K shares representing 1.74% ownership of the company. In it’s prior filing, the firm reported owning 58K shares, representing an increase of 55.40%. The firm increased its portfolio allocation in COFS by 84.87% over the last quarter.
VEXMX – Vanguard Extended Market Index Fund Investor Shares holds 86K shares representing 1.14% ownership of the company. In it’s prior filing, the firm reported owning 86K shares, representing a decrease of 0.31%. The firm decreased its portfolio allocation in COFS by 13.34% over the last quarter.
FSSNX – Fidelity Small Cap Index Fund holds 61K shares representing 0.81% ownership of the company. In it’s prior filing, the firm reported owning 49K shares, representing an increase of 20.84%. The firm increased its portfolio allocation in COFS by 16.53% over the last quarter.
Choiceone Financial Services Background Information
(This description is provided by the company.)
ChoiceOne Financial Services, Inc. is the holding company for ChoiceOne Bank headquartered in Sparta, Michigan. ChoiceOne has always taken the lead in providing innovative services and technology. The bank’s customers have come to rely on digital banking including mobile banking, mobile deposits, innovative payroll solutions, online loan applications, online account opening, and digital mobile savings tools.
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