Civista Bancshares (NASDAQ:CIVB) Reaches New 1-Year High on Analyst Upgrade

Key Points

• Civista Bancshares shares reached a new 52-week high after DA Davidson raised its price target to $33 from $31 and maintained a buy rating. The stock traded as high as $29.47, up from a prior close of $28.65.
• Analyst sentiment is mixed, with three buy ratings and four holds, producing an average “Hold” rating and a consensus price target of $29. Institutional investors own 52.1% of the company, with several major firms recently increasing their positions.
• Civista reported quarterly EPS of $0.69, exceeding estimates by $0.02, while revenue reached $47.6 million. The company also declared a quarterly dividend of $0.18 per share, equal to a 2.4% annualized yield.

Civista Bancshares, Inc. (NASDAQ:CIVB - Get Free Report) shares hit a new 52-week high during mid-day trading 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 analysts have also recently issued reports about the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Civista Bancshares in a report on Wednesday, July 8th. Zacks Research lowered Civista Bancshares from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Piper Sandler increased their price target on Civista Bancshares from $30.00 to $31.00 and gave the company a "neutral" rating in a research note on Monday. Wall Street Zen downgraded shares of Civista Bancshares from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $31.00 target price (up from $29.00) on shares of Civista Bancshares in a report on Friday. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Civista Bancshares has an average rating of "Hold" and a consensus target price of $29.00.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its holdings in 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 worth $29,938,000 after acquiring an additional 1,350,409 shares during the period. Alliancebernstein L.P. increased its stake in Civista Bancshares by 2,904.8% in the third 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 during the period. Vanguard Group Inc. raised its holdings in shares of Civista Bancshares by 19.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,021,787 shares of the bank's stock worth $20,752,000 after buying an additional 166,049 shares in the last quarter. Royce & Associates LP lifted its holdings 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 period. Finally, UBS Group AG lifted its holdings in Civista Bancshares by 126.9% during the 3rd quarter. UBS Group AG now owns 210,739 shares of the bank's stock valued at $4,280,000 after purchasing an additional 117,855 shares during the last quarter. 52.10% of the stock is owned by institutional investors.

Civista Bancshares Stock Up 2.9%

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

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.02. The company had revenue of $47.60 million during the quarter, compared to analyst estimates of $48.08 million. Civista Bancshares had a return on equity of 10.82% and a net margin of 20.79%. Sell-side analysts anticipate that Civista Bancshares, Inc. will post 2.82 EPS for the current fiscal year.

Civista Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 18th. Stockholders of record on Tuesday, August 4th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, August 4th. Civista Bancshares's dividend payout ratio (DPR) is 26.67%.

Civista Bancshares Company Profile

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.

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