DA Davidson Forecasts Strong Price Appreciation for Civista Bancshares (NASDAQ:CIVB) Stock

Key Points

• DA Davidson raised Civista Bancshares’ price target to $33 from $31 and maintained a “buy” rating, implying approximately 15.3% upside from the stock’s $28.61 price.
• Analyst sentiment remains mixed: the consensus rating is “Hold,” with an average price target of $29, although Keefe, Bruyette & Woods also raised its target to $31 and maintained an “outperform” rating.
• Civista reported quarterly earnings of $0.69 per share, exceeding the $0.67 consensus estimate, while revenue of $47.6 million fell slightly short of expectations.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) had its price target lifted by equities research analysts at DA Davidson from $31.00 to $33.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the bank's stock. DA Davidson's price objective points to a potential upside of 15.33% from the company's current price.

A number of other equities analysts have also commented on the stock. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $31.00 price objective (up from $29.00) on shares of Civista Bancshares in a report on Friday. Piper Sandler reiterated a "neutral" rating and issued a $31.00 price objective on shares of Civista Bancshares in a research note on Monday. Wall Street Zen lowered shares of Civista Bancshares from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Zacks Research cut Civista Bancshares from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Civista Bancshares in a report on Wednesday, July 8th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Civista Bancshares has a consensus rating of "Hold" and an average price target of $29.00.

Civista Bancshares Stock Up 0.1%

NASDAQ CIVB traded up $0.03 during trading on Monday, reaching $28.61. 10,435 shares of the company's stock traded hands, compared to its average volume of 101,700. The firm has a market cap of $594.60 million, a price-to-earnings ratio of 10.57 and a beta of 0.67. The company's 50 day simple moving average is $27.09 and its two-hundred day simple moving average is $24.80. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.93 and a quick ratio of 0.93. Civista Bancshares has a 12-month low of $18.94 and a 12-month high of $29.38.

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

Hedge Funds Weigh In On Civista Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in CIVB. NewEdge Advisors LLC increased 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 last quarter. Federated Hermes Inc. boosted its holdings in shares of Civista Bancshares by 306.6% in the 2nd quarter. Federated Hermes Inc. now owns 1,346 shares of the bank's stock valued at $31,000 after purchasing an additional 1,015 shares in the last quarter. Osaic Holdings Inc. increased its stake in shares of Civista Bancshares by 628.2% in the 2nd quarter. Osaic Holdings Inc. now owns 3,226 shares of the bank's stock valued at $75,000 after purchasing an additional 2,783 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Civista Bancshares by 111.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,998 shares of the bank's stock valued at $81,000 after purchasing an additional 2,107 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Civista Bancshares by 784.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,795 shares of the bank's stock worth $111,000 after buying an additional 4,253 shares in the last quarter. 52.10% of the stock is currently 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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