Civista Bancshares (NASDAQ:CIVB) Sets New 1-Year High - Still a Buy?

Key Points

• Civista Bancshares shares reached a new 52-week high of $29.97, trading near $29.41 and up 0.6%, with the stock’s consensus rating at “Moderate Buy” and an average price target of $30.25.
• The bank reported quarterly EPS of $0.69, exceeding analyst estimates of $0.67, though revenue of $47.6 million fell slightly short of the $48.08 million consensus estimate.
• Civista declared a quarterly dividend of $0.18, equivalent to $0.72 annually and a 2.5% yield; institutional investors and hedge funds own 52.1% of the company.

Civista Bancshares, Inc. (NASDAQ:CIVB - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $29.97 and last traded at $29.4130, with a volume of 5072 shares traded. The stock had previously closed at $29.06.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CIVB shares. Wall Street Zen lowered shares of Civista Bancshares from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. DA Davidson lifted their target price on Civista Bancshares from $31.00 to $33.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Civista Bancshares in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $31.00 price target (up from $29.00) on shares of Civista Bancshares in a research note on Friday, July 24th. Finally, Zacks Research cut Civista Bancshares from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.25.

Civista Bancshares Trading Up 0.6%

The company has a market cap of $607.61 million, a price-to-earnings ratio of 10.83 and a beta of 0.66. 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's 50-day moving average price is $27.47 and its 200 day moving average price is $25.04.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.02. The company had revenue of $47.60 million for the quarter, compared to the consensus estimate of $48.08 million. Civista Bancshares had a net margin of 20.79% and a return on equity of 10.82%. As a group, equities analysts expect that Civista Bancshares, Inc. will post 2.83 EPS for the current year.

Civista Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 4th. Civista Bancshares's payout ratio is presently 26.67%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CIVB. NewEdge Advisors LLC grew its stake in Civista Bancshares by 57.5% in the fourth quarter. NewEdge Advisors LLC now owns 1,317 shares of the bank's stock valued at $29,000 after acquiring an additional 481 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Civista Bancshares by 5.8% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,832 shares of the bank's stock valued at $179,000 after acquiring an additional 485 shares in the last quarter. Barclays PLC raised its position in shares of Civista Bancshares by 0.9% during the third quarter. Barclays PLC now owns 54,603 shares of the bank's stock worth $1,109,000 after purchasing an additional 498 shares during the period. CWM LLC raised its position in shares of Civista Bancshares by 12.1% during the fourth quarter. CWM LLC now owns 8,249 shares of the bank's stock worth $183,000 after purchasing an additional 893 shares during the period. Finally, Vista Investment Management lifted its holdings in shares of Civista Bancshares by 5.3% in the 4th quarter. Vista Investment Management now owns 18,183 shares of the bank's stock worth $404,000 after purchasing an additional 915 shares in the last quarter. 52.10% of the stock is owned by institutional investors and hedge funds.

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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