Civista Bancshares (NASDAQ:CIVB) Issues Earnings Results, Misses Expectations By $0.03 EPS

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 (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.03), Zacks reports. The company had revenue of $41.40 million for the quarter, compared to analyst estimates of $43.07 million. Civista Bancshares had a return on equity of 9.83% and a net margin of 15.83%.

Civista Bancshares Stock Down 1.8%

Shares of CIVB traded down $0.37 during mid-day trading on Wednesday, hitting $19.73. 194,698 shares of the company's stock were exchanged, compared to its average volume of 54,730. The firm has a fifty day moving average of $22.42 and a two-hundred day moving average of $21.33. Civista Bancshares has a twelve month low of $14.90 and a twelve month high of $25.59. The stock has a market cap of $306.21 million, a price-to-earnings ratio of 7.80 and a beta of 0.69. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.19.

Civista Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Tuesday, August 5th will be paid a dividend of $0.17 per share. The ex-dividend date is Tuesday, August 5th. This represents a $0.68 annualized dividend and a dividend yield of 3.45%. Civista Bancshares's dividend payout ratio (DPR) is 26.88%.

Insiders Place Their Bets

In other Civista Bancshares news, Director Clyde A. Perfect, Jr. bought 2,352 shares of the 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 $49,980.00. Following the completion of the transaction, the director directly owned 2,352 shares of the company's stock, valued at $49,980. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Richard J. Dutton bought 4,000 shares of the stock in a transaction on Friday, July 11th. The shares were acquired at an average cost of $21.25 per share, for a total transaction of $85,000.00. Following the completion of the transaction, the senior vice president directly owned 4,000 shares of the company's stock, valued at approximately $85,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 11,242 shares of company stock valued at $238,893 over the last three months. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Civista Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in CIVB. Empowered Funds LLC grew its holdings in Civista Bancshares by 22.7% in the 1st quarter. Empowered Funds LLC now owns 64,535 shares of the bank's stock valued at $1,261,000 after buying an additional 11,918 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Civista Bancshares by 28.0% in the first quarter. AQR Capital Management LLC now owns 35,012 shares of the bank's stock worth $684,000 after acquiring an additional 7,652 shares during the last quarter. Acadian Asset Management LLC grew its stake 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 worth $659,000 after acquiring an additional 4,426 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Civista Bancshares in the first quarter worth $453,000. 52.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Stephens cut their price target on shares of Civista Bancshares from $27.00 to $24.00 and set an "equal weight" rating on the stock in a report on Tuesday. DA Davidson cut their target price on shares of Civista Bancshares from $27.00 to $26.00 and set a "buy" rating on the stock in a research note on Monday, July 14th. Wall Street Zen downgraded shares of Civista Bancshares from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Keefe, Bruyette & Woods upped their price target on Civista Bancshares from $25.00 to $28.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Finally, Piper Sandler upped their price target on Civista Bancshares from $23.00 to $24.00 and gave the company a "neutral" rating in a research report on Monday, April 28th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Civista Bancshares currently has an average rating of "Moderate Buy" and an average price target of $24.80.

Civista Bancshares Company Profile

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.