Civista Bancshares (NASDAQ:CIVB) Issues Quarterly Earnings Results

Key Points

• Civista Bancshares reported quarterly earnings of $0.66 per share, missing the consensus estimate of $0.69, with revenue of $41.40 million against an estimate of $43.07 million.
• The bank announced a quarterly dividend of $0.17 per share, representing a 3.37% dividend yield, with a payout ratio of 29.96%.
• Several analysts have set a target price for Civista Bancshares, with estimates ranging from $24.00 to $28.00, and the stock currently holds an average rating of "Moderate Buy".

Civista Bancshares (NASDAQ:CIVB - Get Free Report) posted its quarterly earnings data on Thursday. The bank reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.03), Zacks reports. Civista Bancshares had a net margin of 15.83% and a return on equity of 9.83%. The business had revenue of $41.40 million during the quarter, compared to the consensus estimate of $43.07 million.

Civista Bancshares Stock Performance

Shares of CIVB stock traded down $0.71 during trading on Friday, reaching $20.19. 92,826 shares of the company's stock were exchanged, compared to its average volume of 105,491. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $313.35 million, a PE ratio of 7.98 and a beta of 0.69. Civista Bancshares has a twelve month low of $14.90 and a twelve month high of $25.59. The firm's fifty day moving average price is $22.56 and its 200-day moving average price is $21.31.

Civista Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 19th. Investors of record on Tuesday, August 5th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date is Tuesday, August 5th. Civista Bancshares's payout ratio is presently 29.96%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. DA Davidson set a $26.00 target price on Civista Bancshares and gave the stock a "buy" rating in a research report on Monday, July 14th. Piper Sandler raised their target price on Civista Bancshares from $23.00 to $24.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods lifted their price objective on Civista Bancshares from $25.00 to $28.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Wall Street Zen cut Civista Bancshares from a "buy" rating to a "hold" rating in a report on Saturday, June 28th. Finally, Stephens raised their target price on Civista Bancshares from $24.00 to $25.00 and gave the stock an "equal weight" rating in a report on Friday, April 25th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $25.00.

Insiders Place Their Bets

In other news, SVP Richard J. Dutton acquired 4,000 shares of the firm's stock in a transaction on Friday, July 11th. The shares were purchased at an average cost of $21.25 per share, with a total value of $85,000.00. Following the acquisition, the senior vice president directly owned 4,000 shares in the company, valued at $85,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Darci L. Congrove bought 1,250 shares of the business's stock in a transaction dated Friday, July 11th. The shares were bought at an average price of $21.25 per share, with a total value of $26,562.50. Following the completion of the transaction, the director owned 1,250 shares in the company, valued at approximately $26,562.50. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 17,385 shares of company stock valued at $376,741 over the last 90 days. 2.60% of the stock is owned by insiders.

Institutional Trading of Civista Bancshares

A number of institutional investors have recently modified their holdings of CIVB. Empowered Funds LLC lifted its position in shares of Civista Bancshares by 22.7% during the 1st quarter. Empowered Funds LLC now owns 64,535 shares of the bank's stock worth $1,261,000 after buying an additional 11,918 shares during the last quarter. AQR Capital Management LLC grew its stake in Civista Bancshares by 28.0% during the first quarter. AQR Capital Management LLC now owns 35,012 shares of the bank's stock worth $684,000 after purchasing an additional 7,652 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Civista Bancshares by 15.1% in the first quarter. Acadian Asset Management LLC now owns 33,814 shares of the bank's stock valued at $659,000 after purchasing an additional 4,426 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Civista Bancshares in the first quarter valued at approximately $453,000. 52.10% of the stock is currently owned by institutional investors.

About Civista Bancshares

Civista Bancshares, Inc operates as the financial holding company for Civista Bank that provides community banking services. It collects a range of customer deposits; and offers commercial and agriculture, commercial and residential real estate, farm real estate, real estate construction, consumer, and other loans, as well as letters of credit.

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