Civista Bancshares (NASDAQ:CIVB) Hits New 12-Month High After Analyst Upgrade

Civista Bancshares, Inc. (NASDAQ:CIVB) hit a new 52-week high on Tuesday after DA Davidson raised their price target on the stock from $31.00 to $33.00. DA Davidson currently has a buy rating on the stock. Civista Bancshares traded as high as $29.47 and last traded at $29.4050, with a volume of 19326 shares changing hands. The stock had previously closed at $28.65.

Other equities analysts have also issued research reports about the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $31.00 price target (up from $29.00) on shares of Civista Bancshares in a report on Friday. Weiss Ratings reissued a “buy (b)” rating on shares of Civista Bancshares in a research report on Wednesday, July 8th. Zacks Research downgraded Civista Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Wall Street Zen downgraded Civista Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Finally, Piper Sandler upped their price target on shares of Civista Bancshares from $30.00 to $31.00 and gave the stock a “neutral” rating in a research report on Monday. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $29.00.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in shares of Civista Bancshares by 1,092.1% in the 3rd quarter. Wellington Management Group LLP now owns 1,474,065 shares of the bank’s stock valued at $29,938,000 after buying an additional 1,350,409 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Civista Bancshares by 2,904.8% during the 3rd quarter. Alliancebernstein L.P. now owns 355,472 shares of the bank’s stock valued at $7,220,000 after acquiring an additional 343,642 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Civista Bancshares by 19.4% during the third quarter. Vanguard Group Inc. now owns 1,021,787 shares of the bank’s stock valued at $20,752,000 after purchasing an additional 166,049 shares in the last quarter. Royce & Associates LP raised its stake in shares of Civista Bancshares by 42.9% during the fourth quarter. Royce & Associates LP now owns 392,952 shares of the bank’s stock valued at $8,731,000 after acquiring an additional 117,994 shares during the last quarter. Finally, UBS Group AG raised its position in Civista Bancshares by 126.9% during the 3rd quarter. UBS Group AG now owns 210,739 shares of the bank’s stock worth $4,280,000 after purchasing an additional 117,855 shares during the last quarter. Institutional investors own 52.10% of the company’s stock.

Civista Bancshares Stock Performance

The company has a market capitalization of $612.51 million, a price-to-earnings ratio of 10.91 and a beta of 0.67. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average of $27.16 and a 200 day moving average of $24.85.

Civista Bancshares (NASDAQ:CIVB) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.02. The company had revenue of $47.60 million during the quarter, compared to analysts’ expectations of $48.08 million. Civista Bancshares had a net margin of 20.79% and a return on equity of 10.82%. As a group, analysts predict that Civista Bancshares, Inc. will post 2.82 EPS for the current year.

Civista Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 18th. Shareholders of record on Tuesday, August 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, August 4th. Civista Bancshares’s dividend payout ratio is presently 26.67%.

About Civista Bancshares

Civista Bancshares, Inc is a bank holding company headquartered in Saginaw, Michigan, operating through its wholly owned subsidiary, Civista Bank. The company offers a full suite of commercial and retail banking products and services to individuals, small- and mid-sized businesses, governmental entities and nonprofit organizations. Core offerings include deposit accounts, commercial and industrial loans, consumer and residential real estate mortgages, master-planned construction financing and treasury management solutions.

Beyond traditional banking, Civista Bancshares provides wealth management, trust and investment advisory services under the Civista Wealth Enterprises brand.