COFS
ChoiceOne Financial Services, Inc.Financial Services·Banks - Regional
$31.40
$470M market cap
Revenue
$119.6M
Free Cash Flow
$10.2M
Rev Growth
+0.0%
FCF Margin
8.5%
P/FCF
46.0x
EV/FCF
60.7x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
ChoiceOne Financial Services, Inc. operates as the bank holding company for ChoiceOne Bank that provides community 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. It also provides commercial loans, such as business, industry, agricultural, construction, inventory, and real estate loans; and consumer loans comprising dire
2-Year Price History
$31.44+31.5%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 59.1 | 16.7 | 16.7 | 13.7 | -0.2 | -1.7 | -1.5 | 83.9 | 233.4 | 15.1 | 14.2% | 1.0x | -- |
| Act | 2025-Q4 | 60.5 | 16.8 | 16.8 | 13.9 | 14.0 | 11.9 | -2.1 | 222.3 | 313.5 | 15.1 | 11.9% | 1.0x | -- |
Valuation & Metrics
Market Stats
Price$31.40
Market Cap$470M
Enterprise Value$620M
P/S Ratio3.9x
P/FCF46.0x
EV/FCF60.7x
FCF Margin (TTM)8.5%
FCF Yield2.2%
Dividend Yield (TTM)3.7%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$119.6M
Net Income$27.6M
Free Cash Flow$10.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin28.0%
Net Margin23.1%
FCF Margin8.5%
CapEx % of Revenue3.0%
SBC % of Revenue0.5%
ROIC13.1%
WC Change % Rev-1.9%
Interest Coverage1.0x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover2.6
Change (vs Prior)-10.6%
Need at least 2 settlement dates for chart
Employees
Headcount605
Revenue / Employee$197,625
Gross Profit / Employee$139,825
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
20.2%(-4.2% YoY)
105 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.1%(+11.9% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.1% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $27.1M | $28.87 | +$24K | +$12.6M | -0.2% | $5.69T |
| NORTHERN TRUST CORPPassive | $19.5M | $27.64 | +$16.0M | +$17.6M | -0.2% | $755.34B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $17.8M | $28.12 | +$17.8M | +$17.8M | — | $4.04T |
| ALLIANCEBERNSTEIN L.P. | $10.6M | $27.80 | +$284K | −$1.2M | -0.3% | $307.70B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $9.9M | $26.09 | +$551K | +$4.5M | +2.3% | $1.61T |
| STATE STREET CORPPassive | $9.0M | $26.75 | +$196K | +$6.0M | -0.2% | $2.89T |
| DIMENSIONAL FUND ADVISORS LPPassive | $6.8M | $28.37 | +$1.1M | +$5.7M | -0.4% | $480.92B |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $6.4M | $28.12 | +$6.4M | +$6.4M | -0.1% | $31.89B |
| ProShare Advisors LLC | $6.2M | $27.92 | +$821K | +$6.2M | -0.7% | $67.49B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $6.2M | $29.23 | −$74K | −$67K | -0.2% | $113.45B |
| JACOBS ASSET MANAGEMENT, LLC | $5.5M | $27.55 | +$909K | +$1.1M | +0.3% | $167M |
| GOLDMAN SACHS GROUP INC | $4.5M | $29.01 | +$1.6M | +$3.7M | -0.2% | $760.93B |
| GENDELL JEFFREY L | $4.2M | $27.69 | +$0 | −$2.3M | +8.4% | $7.34B |
| TWO SIGMA INVESTMENTS, LP | $4.1M | $28.54 | −$1.0M | +$2.6M | -0.9% | $117.03B |
| MORGAN STANLEY | $3.5M | $28.22 | −$134K | +$2.0M | -0.3% | $1.65T |
| AMERICAN CENTURY COMPANIES INC | $2.6M | $30.63 | +$358K | −$252K | +0.7% | $193.48B |
| VANGUARD FIDUCIARY TRUST COPassive | $2.5M | $28.12 | +$2.5M | +$2.5M | — | $395.83B |
| MARSHALL WACE, LLP | $2.4M | $28.80 | −$1.4M | +$1.3M | +0.6% | $92.71B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $2.3M | $28.12 | +$2.3M | +$2.3M | — | $1.91T |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2.0M | $25.64 | +$277K | +$346K | -2.3% | $4.93B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
+0.18%
avg per quarter
Holders (ex-self)
+0.18%
excl. this stock
Buyers (this Q)
-0.07%
50 buyers · $0.06B in
Sellers (this Q)
-1.31%
36 sellers · $0.05B out
alpha coverage: 88% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+28.7%
how holders react when this stock falls
On quiet Qs
+10.5%
−10% to +10% baseline
On rallies (+10%+)
-9.7%
how they react when this stock rises
Holders' portfolio flow this Q
+4.4%
inflows — adds are organic
Sellers' portfolio flow this Q
+5.7%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.8%
Holder mid (any stock)
-3.2%
Holder rally (any stock)
-6.6%
Biggest decreases this quarter
MARSHALL WACE, LLP−$1.4Mα+0.6KENNEDY CAPITAL MANAGEMENT LLCexited−$1.2MTWO SIGMA INVESTMENTS, LP−$1.0Mα-0.9Brevan Howard Capital Management LPexited−$617KRENAISSANCE TECHNOLOGIES LLCexited−$331KHRT FINANCIAL LPexited−$308KState of Tennessee, Treasury Departmentexited−$306KQuantbot Technologies LPexited−$300KNWF Advisory Services Inc.exited−$236KSG Americas Securities, LLCexited−$185K
New buyers this quarter
Top-5 holders · 44.2%
BlackRock, Inc.--
NORTHERN TRUST CORP--
VANGUARD CAPITAL MANAGEMENT LLC--
ALLIANCEBERNSTEIN L.P.--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fourthstone LLC14KALLIANCEBERNSTEIN L.P.358KBANC FUNDS CO LLC—MANUFACTURERS LIFE INSURANCE COMPANY, THE221KGENDELL JEFFREY L149KHOTCHKIS & WILEY CAPITAL MANAGEMENT LLC226KProShare Advisors LLC221KJACOBS ASSET MANAGEMENT, LLC196KTWO SIGMA INVESTMENTS, LP147KZACKS INVESTMENT MANAGEMENT—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$34.00830.0%
Last Year (2 analysts)$35.001150.0%
Current Price$31.40
Analyst Ratings
2
1
Buy: 2Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$404K
7 txns · 5 insiders · 14,350 sh
Sells ($, 12mo)
$443K
1 txn · 1 insider · 15,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-12 | BUY | Greenland Adom | officer: Secretary | 500 | $27.40 | $14K | $101K |
| 2026-03-11 | BUY | Burrough Eric E | director | 5,000 | $27.50 | $138K | $4.96M |
| 2026-03-06 | BUY | McConnell Gregory A | director | 1,050 | $27.94 | $29K | $1.03M |
| 2026-03-03 | BUY | McGinnis Bradley F. | director | 1,000 | $29.15 | $29K | $446K |
| 2026-02-27 | BUY | Burke Michael J. Jr. | director, officer: President | 250 | $28.58 | $7K | $83K |
| 2026-02-13 | BUY | McConnell Gregory A | director | 1,550 | $29.04 | $45K | $1.04M |
| 2026-02-11 | SELL | PETTY BRIAN P | director | 15,000 | $29.56 | $443K | $2.69M |
| 2025-11-17 | BUY | Burrough Eric E | director | 5,000 | $28.50 | $143K | $4.98M |
Order Flow (FINRA, ~3w lag)
4.0%retail+1.0pp
13.6%dark-3.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
ChoiceOne Financial Services: Routine Administrative Filing Devoid of Forensic Substance
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10