Choiceone Financial Services said on May 24, 2023 that its board of directors declared a regular quarterly dividend of $0.26 per share ($1.04 annualized). Previously, the company paid $0.26 per share.
Shares must be purchased before the ex-div date of June 14, 2023 to qualify for the dividend. Shareholders of record as of June 15, 2023 will receive the payment on June 30, 2023.
At the current share price of $20.67 / share, the stock’s dividend yield is 5.03%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.34%, the lowest has been 2.35%, and the highest has been 5.03%. The standard deviation of yields is 0.70 (n=230).
The current dividend yield is 2.42 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.33. 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.
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What is the Fund Sentiment?
There are 52 funds or institutions reporting positions in Choiceone Financial Services. This is an increase of 1 owner(s) or 1.96% in the last quarter. Average portfolio weight of all funds dedicated to COFS is 0.05%, an increase of 21.43%. Total shares owned by institutions increased in the last three months by 5.63% to 1,086K shares.
What are Other Shareholders Doing?
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 192K shares representing 2.56% ownership of the company. No change in the last quarter.
Fourthstone holds 164K shares representing 2.18% ownership of the company. In it’s prior filing, the firm reported owning 191K shares, representing a decrease of 16.64%. The firm decreased its portfolio allocation in COFS by 0.01% over the last quarter.
VEXMX – Vanguard Extended Market Index Fund Investor Shares holds 86K shares representing 1.15% ownership of the company. In it’s prior filing, the firm reported owning 86K shares, representing an increase of 0.17%. The firm increased its portfolio allocation in COFS by 28.88% over the last quarter.
Millennium Management holds 60K shares representing 0.80% ownership of the company. In it’s prior filing, the firm reported owning 43K shares, representing an increase of 28.21%. The firm increased its portfolio allocation in COFS by 25.67% over the last quarter.
Geode Capital Management holds 58K shares representing 0.78% ownership of the company. In it’s prior filing, the firm reported owning 57K shares, representing an increase of 1.54%. The firm decreased its portfolio allocation in COFS by 18.17% 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.
Key filings for this company:
This story originally appeared on Fintel.
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