Civista Bancshares (NASDAQ:CIVB) Price Target Lowered to $24.00 at Stephens

Key Points

• Stephens has cut the price target for *Civista Bancshares* from $27.00 to $24.00 while maintaining an "equal weight" rating, indicating a potential upside of 18.93% from the company's previous close.
• Several brokerages have varying ratings and price targets for the stock, with *Keefe, Bruyette & Woods* setting a new target of $28.00 and others adjusting theirs downward, reflecting mixed analyst sentiments.
• Despite a missed earnings estimate of $0.66 EPS compared to the expected $0.69, Civista Bancshares reported a return on equity of 9.83% and has experienced notable insider buying activities, enhancing investor confidence.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) had its price objective decreased by investment analysts at Stephens from $27.00 to $24.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the bank's stock. Stephens' price objective indicates a potential upside of 24.03% from the stock's previous close.

Several other brokerages have also commented on CIVB. Piper Sandler boosted their price objective on Civista Bancshares from $23.00 to $24.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. Wall Street Zen downgraded Civista Bancshares from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. Keefe, Bruyette & Woods upped their target price on Civista Bancshares from $25.00 to $28.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, DA Davidson set a $26.00 target price on Civista Bancshares and gave the stock a "buy" rating in a research note on Monday, July 14th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $24.80.

Civista Bancshares Price Performance

Shares of NASDAQ CIVB traded down $0.12 during midday trading on Tuesday, hitting $19.35. 167,213 shares of the company's stock were exchanged, compared to its average volume of 56,131. Civista Bancshares has a 12-month low of $14.90 and a 12-month high of $25.59. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.19. The company has a market cap of $300.31 million, a price-to-earnings ratio of 7.65 and a beta of 0.69. The business's fifty day moving average price is $22.31 and its two-hundred day moving average price is $21.32.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $0.66 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.03). Civista Bancshares had a return on equity of 9.83% and a net margin of 15.83%. The business had revenue of $41.40 million for the quarter, compared to analysts' expectations of $43.07 million. As a group, research analysts forecast that Civista Bancshares will post 2.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Clyde A. Perfect, Jr. acquired 2,352 shares of the company's stock in a transaction dated Friday, July 11th. The stock was purchased at an average price of $21.25 per share, with a total value of $49,980.00. Following the completion of the purchase, the director owned 2,352 shares in the company, valued at $49,980. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Nathan E. Weaks acquired 2,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were bought at an average cost of $19.88 per share, with a total value of $39,760.00. Following the purchase, the director owned 8,283 shares of the company's stock, valued at approximately $164,666.04. This trade represents a 31.83% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 14,242 shares of company stock valued at $298,003 over the last quarter. Company insiders own 2.60% of the company's stock.

Institutional Trading of Civista Bancshares

A number of institutional investors have recently made changes to their positions in CIVB. CWM LLC boosted its stake in shares of Civista Bancshares by 43.7% during the first quarter. CWM LLC now owns 3,084 shares of the bank's stock valued at $60,000 after purchasing an additional 938 shares during the period. GAMMA Investing LLC increased its stake in shares of Civista Bancshares by 4,003.0% during the first quarter. GAMMA Investing LLC now owns 4,103 shares of the bank's stock valued at $80,000 after buying an additional 4,003 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Civista Bancshares by 103.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 5,120 shares of the bank's stock valued at $108,000 after buying an additional 2,609 shares during the period. Deutsche Bank AG increased its stake in shares of Civista Bancshares by 77.0% during the fourth quarter. Deutsche Bank AG now owns 7,691 shares of the bank's stock valued at $162,000 after buying an additional 3,347 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Civista Bancshares by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,999 shares of the bank's stock valued at $189,000 after buying an additional 1,960 shares during the period. Hedge funds and other institutional investors own 52.10% of the company's stock.

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.