Zacks Investment Research Downgrades Civista Bancshares (NASDAQ:CIVB) to Hold

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Civista Bancshares (NASDAQ:CIVB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Civista Bancshares, Inc. is a bank holding company. The Company is involved in the business of community banking, through its subsidiaries. It operates primarily in Ohio. Civista Bancshares, Inc., formerly known as First Citizens Banc Corp, is based in SANDUSKY, United States. “

Several other analysts have also recently issued reports on CIVB. Stephens began coverage on Civista Bancshares in a research note on Tuesday, July 7th. They issued an “overweight” rating and a $19.00 price objective on the stock. ValuEngine cut Civista Bancshares from a “sell” rating to a “strong sell” rating in a research note on Monday, August 3rd. Piper Sandler reduced their price objective on Civista Bancshares from $16.50 to $14.50 and set an “overweight” rating on the stock in a research note on Tuesday. Boenning Scattergood began coverage on Civista Bancshares in a research note on Thursday, September 24th. They issued an “outperform” rating and a $18.75 price objective on the stock. Finally, BidaskClub upgraded Civista Bancshares from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 10th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $16.05.

NASDAQ:CIVB opened at $12.52 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 1.00. The stock’s fifty day moving average is $13.36 and its two-hundred day moving average is $14.14. Civista Bancshares has a 52 week low of $11.25 and a 52 week high of $24.32. The stock has a market capitalization of $200.98 million, a price-to-earnings ratio of 6.92 and a beta of 0.87.

Civista Bancshares (NASDAQ:CIVB) last announced its quarterly earnings data on Friday, July 24th. The bank reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.11. The business had revenue of $28.93 million for the quarter, compared to analysts’ expectations of $27.55 million. Civista Bancshares had a return on equity of 9.09% and a net margin of 24.31%. On average, sell-side analysts expect that Civista Bancshares will post 1.71 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the stock. Citigroup Inc. increased its holdings in Civista Bancshares by 43.4% in the first quarter. Citigroup Inc. now owns 4,420 shares of the bank’s stock valued at $66,000 after buying an additional 1,337 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Civista Bancshares by 29.1% during the first quarter. BNP Paribas Arbitrage SA now owns 4,722 shares of the bank’s stock worth $71,000 after purchasing an additional 1,063 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in shares of Civista Bancshares by 315.6% during the first quarter. Meeder Asset Management Inc. now owns 6,355 shares of the bank’s stock worth $95,000 after purchasing an additional 4,826 shares during the last quarter. US Bancorp DE purchased a new position in shares of Civista Bancshares during the first quarter worth about $101,000. Finally, SG Americas Securities LLC purchased a new position in shares of Civista Bancshares during the second quarter worth about $132,000. 54.56% of the stock is currently owned by hedge funds and other institutional investors.

Civista Bancshares Company Profile

Civista Bancshares, Inc operates as the financial holding company for Civista Bank that engages in the community banking business in Ohio. The company accepts noninterest-bearing and interest-bearing demand deposits, and certificates of deposit. It offers commercial, commercial and residential real estate mortgage, real estate construction, and consumer loans.

Further Reading: Why do company’s buyback their stock?

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