DA Davidson Upgrades Civista Bancshares (NASDAQ:CIVB) to "Strong-Buy"

Key Points

• DA Davidson has upgraded Civista Bancshares (NASDAQ:CIVB) to a "strong-buy" rating, indicating increased confidence in the company's stock.
• Currently, Civista Bancshares has a market cap of approximately $403.97 million with a consensus rating of "Hold" and an average target price of $24.80.
• Insider trading activity has recently increased, with Director Nathan E. Weaks purchasing 2,000 shares at an average price of $19.88, reflecting growing confidence among insiders.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) was upgraded by investment analysts at DA Davidson to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

CIVB has been the subject of a number of other research reports. Zacks Research upgraded shares of Civista Bancshares from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Civista Bancshares in a report on Wednesday, October 8th. Hovde Group lowered shares of Civista Bancshares from an "outperform" rating to a "market perform" rating and set a $22.00 price objective for the company. in a report on Monday, August 18th. Wall Street Zen lowered shares of Civista Bancshares from a "buy" rating to a "hold" rating in a report on Saturday, June 28th. Finally, Stephens dropped their price objective on shares of Civista Bancshares from $27.00 to $24.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $24.80.

Civista Bancshares Stock Up 4.8%

Shares of CIVB opened at $20.92 on Monday. The stock has a market cap of $403.97 million, a price-to-earnings ratio of 8.27 and a beta of 0.73. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.35. Civista Bancshares has a 12 month low of $17.47 and a 12 month high of $25.59. The company has a 50-day moving average price of $20.66 and a two-hundred day moving average price of $21.35.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.69 by ($0.03). The business had revenue of $41.40 million for the quarter, compared to the consensus estimate of $43.07 million. Civista Bancshares had a return on equity of 9.77% and a net margin of 15.83%. Equities analysts predict that Civista Bancshares will post 2.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Civista Bancshares news, Director Nathan E. Weaks bought 2,000 shares of the stock in a transaction on Wednesday, July 30th. The stock was purchased at an average price of $19.88 per share, with a total value of $39,760.00. Following the acquisition, the director owned 8,283 shares of the company's stock, valued at approximately $164,666.04. The trade was a 31.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have acquired 3,500 shares of company stock worth $69,085. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Civista Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in CIVB. GAMMA Investing LLC grew its holdings in shares of Civista Bancshares by 4,003.0% in the 1st 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. CWM LLC grew its holdings in shares of Civista Bancshares by 43.7% in the 1st quarter. CWM LLC now owns 3,084 shares of the bank's stock valued at $60,000 after buying an additional 938 shares during the period. Segall Bryant & Hamill LLC grew its holdings in shares of Civista Bancshares by 33.9% in the 1st quarter. Segall Bryant & Hamill LLC now owns 112,887 shares of the bank's stock valued at $2,206,000 after buying an additional 28,581 shares during the period. Bailard Inc. acquired a new position in shares of Civista Bancshares in the 1st quarter valued at $352,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Civista Bancshares by 443.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,979 shares of the bank's stock valued at $234,000 after buying an additional 9,775 shares during the period. Institutional investors and hedge funds own 52.10% of the company's stock.

About Civista Bancshares

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.

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