Hotchkis & Wiley Capital Management LLC Increases Stake in Civista Bancshares, Inc. $CIVB

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in Civista Bancshares by 28.3%, now owning approximately 0.96% of the company, valued at about $2.9 million.
• Several brokerages downgraded Civista Bancshares' ratings recently, with Wall Street Zen moving from "buy" to "hold" and target prices ranging from $22.00 to $27.00.
• The company declared a quarterly dividend of $0.17 per share, which implies an annualized yield of 3.2%, with a dividend payout ratio of 26.88%.

Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Civista Bancshares, Inc. (NASDAQ:CIVB - Free Report) by 28.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 148,560 shares of the bank's stock after purchasing an additional 32,760 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 0.96% of Civista Bancshares worth $2,903,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. CWM LLC raised its stake in Civista Bancshares by 43.7% in the 1st quarter. CWM LLC now owns 3,084 shares of the bank's stock worth $60,000 after acquiring an additional 938 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Civista Bancshares by 4,003.0% in the first quarter. GAMMA Investing LLC now owns 4,103 shares of the bank's stock valued at $80,000 after purchasing an additional 4,003 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Civista Bancshares by 103.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 5,120 shares of the bank's stock worth $108,000 after purchasing an additional 2,609 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Civista Bancshares by 77.0% during the fourth quarter. Deutsche Bank AG now owns 7,691 shares of the bank's stock worth $162,000 after purchasing an additional 3,347 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in shares of Civista Bancshares by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,999 shares of the bank's stock worth $189,000 after purchasing an additional 1,960 shares during the period. 52.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on CIVB. Wall Street Zen downgraded shares of Civista Bancshares from a "buy" rating to a "hold" rating in a report on Saturday, June 28th. Stephens reduced their target price 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. Hovde Group downgraded shares of Civista Bancshares from an "outperform" rating to a "market perform" rating and set a $22.00 target price for the company. in a research report on Monday, August 18th. Finally, DA Davidson set a $26.00 price target on Civista Bancshares and gave the stock a "buy" rating in a research report on Monday, July 14th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $24.80.

Civista Bancshares Stock Up 2.1%

CIVB stock opened at $21.00 on Wednesday. Civista Bancshares, Inc. has a one year low of $16.24 and a one year high of $25.59. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.99 and a current ratio of 0.99. The firm's fifty day moving average is $21.48 and its 200 day moving average is $21.18. The firm has a market cap of $405.51 million, a PE ratio of 8.30 and a beta of 0.73.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.69 by ($0.03). Civista Bancshares had a return on equity of 9.77% and a net margin of 15.83%.The firm had revenue of $41.40 million during the quarter, compared to analyst estimates of $43.07 million. On average, research analysts forecast that Civista Bancshares, Inc. will post 2.28 EPS for the current year.

Civista Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Tuesday, August 5th were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, August 5th. This represents a $0.68 dividend on an annualized basis and a yield of 3.2%. Civista Bancshares's dividend payout ratio is currently 26.88%.

Insiders Place Their Bets

In other Civista Bancshares news, SVP Richard J. Dutton acquired 4,000 shares of the business's stock in a transaction dated Friday, July 11th. The stock was acquired at an average cost of $21.25 per share, for a total transaction of $85,000.00. Following the completion of the transaction, the senior vice president directly owned 4,000 shares of the company's stock, valued at $85,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nathan E. Weaks bought 2,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average price of $19.88 per share, for a total transaction of $39,760.00. Following the transaction, the director directly owned 8,283 shares in the company, valued at approximately $164,666.04. This represents a 31.83% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 14,742 shares of company stock valued at $307,978 in the last three months. 2.60% of the stock is currently owned by company insiders.

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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