Bank of New York Mellon Corp Takes $2.32 Million Position in Civista Bancshares, Inc. $CIVB

Key Points

• Bank of New York Mellon acquired 82,312 shares of Civista Bancshares worth approximately $2.32 million, giving it a 0.40% stake. Institutional investors collectively own 52.1% of the company.
• Analyst sentiment remains positive, with Civista carrying a “Moderate Buy” consensus rating and an average price target of $30.25; several firms recently raised their targets to $31–$33.
• Civista reported quarterly EPS of $0.69, ahead of the $0.67 estimate, and maintains a quarterly dividend of $0.18 per share, equivalent to a 2.6% annualized yield.

Bank of New York Mellon Corp acquired a new position in shares of Civista Bancshares, Inc. (NASDAQ:CIVB - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 82,312 shares of the bank's stock, valued at approximately $2,323,000. Bank of New York Mellon Corp owned 0.40% of Civista Bancshares at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. NewEdge Advisors LLC grew its stake in shares of Civista Bancshares by 57.5% during the 4th quarter. NewEdge Advisors LLC now owns 1,317 shares of the bank's stock worth $29,000 after purchasing an additional 481 shares during the period. Federated Hermes Inc. boosted its holdings in Civista Bancshares by 306.6% during the second quarter. Federated Hermes Inc. now owns 1,346 shares of the bank's stock worth $31,000 after buying an additional 1,015 shares in the last quarter. Osaic Holdings Inc. grew its position in Civista Bancshares by 628.2% during the second quarter. Osaic Holdings Inc. now owns 3,226 shares of the bank's stock worth $75,000 after buying an additional 2,783 shares during the period. BNP Paribas Financial Markets increased its holdings in Civista Bancshares by 111.4% in the third quarter. BNP Paribas Financial Markets now owns 3,998 shares of the bank's stock valued at $81,000 after buying an additional 2,107 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Civista Bancshares by 784.7% in the second quarter. Tower Research Capital LLC TRC now owns 4,795 shares of the bank's stock valued at $111,000 after buying an additional 4,253 shares in the last quarter. Hedge funds and other institutional investors own 52.10% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on CIVB. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $31.00 price target (up from $29.00) on shares of Civista Bancshares in a research note on Friday, July 24th. Piper Sandler raised their price objective on Civista Bancshares from $30.00 to $31.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. DA Davidson lifted their price objective on Civista Bancshares from $31.00 to $33.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Zacks Research downgraded Civista Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Civista Bancshares in a report 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.com, the company currently has an average rating of "Moderate Buy" and an average price target of $30.25.

Civista Bancshares Price Performance

CIVB stock opened at $27.77 on Tuesday. 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 quick ratio of 0.94 and a current ratio of 0.95. The stock's 50 day moving average price is $28.18 and its 200 day moving average price is $25.83. The firm has a market cap of $577.34 million, a P/E ratio of 10.29 and a beta of 0.65.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.02. Civista Bancshares had a return on equity of 10.65% and a net margin of 20.79%.The company had revenue of $47.60 million during the quarter, compared to the consensus estimate of $48.08 million. On average, sell-side analysts expect that Civista Bancshares, Inc. will post 2.83 earnings per share for the current fiscal year.

Civista Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Tuesday, August 4th. Civista Bancshares's dividend payout ratio (DPR) is currently 26.67%.

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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