Civista Bancshares (NASDAQ:CIVB) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Civista Bancshares reported quarterly EPS of $0.69, beating analyst expectations by $0.02, though revenue of $47.6 million came in slightly below estimates.
• The company announced a quarterly dividend of $0.18 per share, payable on August 18, which works out to an annualized yield of 2.6%.
• Analyst sentiment is mixed, with a consensus Hold rating and an average price target of $27.20; the stock was also trading down 3.5% in the session.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) announced its quarterly earnings results on Thursday. The bank reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.67 by $0.02, FiscalAI reports. The business had revenue of $47.60 million for the quarter, compared to analyst estimates of $48.08 million. Civista Bancshares had a net margin of 19.73% and a return on equity of 10.70%.

Civista Bancshares Trading Down 3.5%

Shares of CIVB opened at $27.61 on Thursday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.93 and a current ratio of 0.93. Civista Bancshares has a 52-week low of $18.94 and a 52-week high of $29.38. The firm has a market cap of $573.84 million, a price-to-earnings ratio of 10.11 and a beta of 0.67. The business's fifty day moving average is $26.92 and its 200-day moving average is $24.71.

Civista Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 18th. Stockholders of record on Friday, August 14th will be paid a $0.18 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.72 annualized dividend and a dividend yield of 2.6%. Civista Bancshares's dividend payout ratio (DPR) is presently 26.47%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CIVB. Wall Street Zen lowered shares of Civista Bancshares from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. Piper Sandler raised their price objective on Civista Bancshares from $27.00 to $30.00 and gave the stock a "neutral" rating in a research note on Thursday, June 25th. Weiss Ratings reiterated a "buy (b)" rating on shares of Civista Bancshares in a research report on Wednesday, July 8th. Finally, Zacks Research lowered Civista Bancshares from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Civista Bancshares currently has a consensus rating of "Hold" and an average target price of $27.20.

Institutional Trading of Civista Bancshares

Several large investors have recently bought and sold shares of CIVB. Wellington Management Group LLP lifted its holdings in shares of Civista Bancshares by 1,092.1% in the third 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 last quarter. Alliancebernstein L.P. grew its holdings in shares of Civista Bancshares by 2,904.8% during the 3rd quarter. Alliancebernstein L.P. now owns 355,472 shares of the bank's stock valued at $7,220,000 after purchasing an additional 343,642 shares during the last quarter. Vanguard Group Inc. increased its position in Civista Bancshares by 19.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,021,787 shares of the bank's stock worth $20,752,000 after purchasing an additional 166,049 shares in the last quarter. UBS Group AG increased its position in Civista Bancshares by 126.9% during the 3rd quarter. UBS Group AG now owns 210,739 shares of the bank's stock worth $4,280,000 after purchasing an additional 117,855 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake in Civista Bancshares by 503.3% in the 3rd quarter. Two Sigma Investments LP now owns 100,015 shares of the bank's stock valued at $2,031,000 after purchasing an additional 83,438 shares during the last quarter. 52.10% of the stock is owned by institutional investors and hedge funds.

About Civista Bancshares

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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