58,920 Shares in Civista Bancshares, Inc. $CIVB Acquired by Pinnacle Holdings LLC

Key Points

• Pinnacle Holdings LLC acquired 58,920 Civista Bancshares shares worth approximately $1.66 million, giving it a 0.28% stake. Institutional investors collectively own 52.10% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $30.25; target prices from Keefe, Bruyette & Woods and DA Davidson were recently raised.
• Civista Bancshares exceeded quarterly earnings expectations, reporting $0.69 in adjusted earnings per share versus the $0.67 consensus estimate. The company also pays a quarterly dividend of $0.18, equal to a 2.6% annualized yield.

Pinnacle Holdings LLC acquired a new position in Civista Bancshares, Inc. (NASDAQ:CIVB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 58,920 shares of the bank's stock, valued at approximately $1,663,000. Pinnacle Holdings LLC owned 0.28% of Civista Bancshares at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC grew its position in Civista Bancshares by 57.5% during the fourth quarter. NewEdge Advisors LLC now owns 1,317 shares of the bank's stock valued at $29,000 after buying an additional 481 shares during the period. Federated Hermes Inc. raised its position in Civista Bancshares by 306.6% in the second quarter. Federated Hermes Inc. now owns 1,346 shares of the bank's stock worth $31,000 after acquiring an additional 1,015 shares during the period. Osaic Holdings Inc. boosted its stake in shares of Civista Bancshares by 628.2% during the 2nd quarter. Osaic Holdings Inc. now owns 3,226 shares of the bank's stock worth $75,000 after acquiring an additional 2,783 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Civista Bancshares by 111.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,998 shares of the bank's stock worth $81,000 after acquiring an additional 2,107 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position 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 valued at $111,000 after acquiring an additional 4,253 shares during the period. Hedge funds and other institutional investors own 52.10% of the company's stock.

Wall Street Analysts Forecast Growth

CIVB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods restated an "outperform" rating and set a $31.00 target price (up from $29.00) on shares of Civista Bancshares in a research note on Friday, July 24th. Zacks Research cut shares of Civista Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Wall Street Zen downgraded shares of Civista Bancshares from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. DA Davidson lifted their target price on shares of Civista Bancshares from $31.00 to $33.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Civista Bancshares in a research note on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.25.

Civista Bancshares Stock Performance

Shares of CIVB stock opened at $27.60 on Monday. The company has a market cap of $573.80 million, a PE ratio of 10.22 and a beta of 0.66. The stock's 50 day simple moving average is $28.16 and its two-hundred day simple moving average is $25.59. Civista Bancshares, Inc. has a 1 year low of $19.82 and a 1 year high of $29.97. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.95 and a quick ratio of 0.94.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $47.60 million for the quarter, compared to analysts' expectations of $48.08 million. Civista Bancshares had a net margin of 20.79% and a return on equity of 10.65%. Research analysts predict that Civista Bancshares, Inc. will post 2.83 earnings per share for the current year.

Civista Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th were paid a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $0.72 annualized dividend and a yield of 2.6%. Civista Bancshares's dividend payout ratio is 26.67%.

Civista Bancshares 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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