Penn Capital Management Company LLC Invests $255,000 in Civista Bancshares, Inc. $CIVB

Key Points

• Penn Capital Management Company LLC has invested approximately $255,000 in Civista Bancshares, acquiring 13,071 shares, which is about 0.08% of the company.
• Civista Bancshares has recently been the target of various hedge fund activities, with several institutions increasing their stakes during the first quarter of the year, including a 28.3% increase by Hotchkis & Wiley Capital Management LLC.
• The company announced a quarterly dividend of $0.17 per share, which translates to a 3.3% yield and reflects a dividend payout ratio of 26.88%.

Penn Capital Management Company LLC bought a new position in shares of Civista Bancshares, Inc. (NASDAQ:CIVB - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 13,071 shares of the bank's stock, valued at approximately $255,000. Penn Capital Management Company LLC owned about 0.08% of Civista Bancshares at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Hotchkis & Wiley Capital Management LLC boosted its holdings in Civista Bancshares by 28.3% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 148,560 shares of the bank's stock worth $2,903,000 after acquiring an additional 32,760 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Civista Bancshares by 9.5% in the 1st quarter. Hsbc Holdings PLC now owns 21,181 shares of the bank's stock valued at $413,000 after purchasing an additional 1,831 shares during the last quarter. American Century Companies Inc. raised its position in shares of Civista Bancshares by 13.8% in the 1st quarter. American Century Companies Inc. now owns 217,777 shares of the bank's stock valued at $4,255,000 after purchasing an additional 26,461 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Civista Bancshares by 1.9% in the 1st quarter. Russell Investments Group Ltd. now owns 27,208 shares of the bank's stock worth $532,000 after purchasing an additional 497 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Civista Bancshares during the 1st quarter worth approximately $1,594,000. 52.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CIVB shares. Piper Sandler upped their price target on shares of Civista Bancshares from $23.00 to $24.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Wall Street Zen downgraded Civista Bancshares from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. Stephens lowered their price target on Civista Bancshares from $27.00 to $24.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. DA Davidson set a $26.00 price target on Civista Bancshares and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Hovde Group lowered Civista Bancshares from an "outperform" rating to a "market perform" rating and set a $22.00 price objective on the stock. in a report on Monday, August 18th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Civista Bancshares presently has a consensus rating of "Hold" and a consensus price target of $24.80.

Civista Bancshares Trading Up 5.0%

Shares of Civista Bancshares stock opened at $20.89 on Friday. The stock has a market cap of $403.39 million, a PE ratio of 8.26 and a beta of 0.73. The firm has a fifty day moving average price of $21.53 and a 200 day moving average price of $21.18. Civista Bancshares, Inc. has a 1 year low of $16.24 and a 1 year high of $25.59. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.99 and a quick ratio of 0.99.

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

Civista Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Tuesday, August 5th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, August 5th. Civista Bancshares's dividend payout ratio (DPR) is 26.88%.

Insider Buying and Selling

In related news, Director Darci L. Congrove purchased 1,250 shares of the firm's stock in a transaction on Friday, July 11th. The stock was bought at an average cost of $21.25 per share, with a total value of $26,562.50. Following the completion of the acquisition, the director owned 1,250 shares of the company's stock, valued at $26,562.50. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Nathan E. Weaks acquired 2,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average cost of $19.88 per share, for a total transaction of $39,760.00. Following the purchase, the director directly owned 8,283 shares in the company, valued at approximately $164,666.04. This trade represents a 31.83% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 14,742 shares of company stock valued at $307,978 in the last three months. 2.60% of the stock is currently owned by insiders.

Civista Bancshares Profile

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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