Squarepoint Ops LLC Sells 85,124 Shares of Civista Bancshares, Inc. $CIVB

Key Points

• Squarepoint Ops LLC cut its Civista Bancshares stake by 78.2% in the second quarter, selling 85,124 shares and retaining 23,714 shares worth approximately $669,000. Institutional investors and hedge funds collectively own 52.1% of the company.
• Civista Bancshares reported quarterly earnings of $0.69 per share, exceeding analyst expectations of $0.67, while revenue of $47.6 million fell slightly short of estimates. Analysts expect full-year EPS of $2.83.
• The company pays a quarterly dividend of $0.18 per share, equivalent to an annualized $0.72 dividend and a 2.6% yield. Wall Street’s consensus rating is “Moderate Buy,” with an average price target of $30.25 versus the reported share price of $27.29.

Squarepoint Ops LLC lessened its position in Civista Bancshares, Inc. (NASDAQ:CIVB - Free Report) by 78.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,714 shares of the bank's stock after selling 85,124 shares during the period. Squarepoint Ops LLC owned approximately 0.11% of Civista Bancshares worth $669,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of CIVB. Public Employees Retirement System of Ohio bought a new position in shares of Civista Bancshares during the second quarter worth $85,000. Odyssean LLC bought a new stake in shares of Civista Bancshares in the 2nd quarter valued at $431,000. NewEdge Advisors LLC raised its stake in Civista Bancshares by 1,102.6% during the 1st quarter. NewEdge Advisors LLC now owns 15,838 shares of the bank's stock worth $361,000 after buying an additional 14,521 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Civista Bancshares during the 1st quarter worth $433,000. Finally, Segall Bryant & Hamill LLC bought a new position in Civista Bancshares during the first quarter worth about $556,000. 52.10% of the stock is currently owned by institutional investors and hedge funds.

Civista Bancshares Price Performance

NASDAQ CIVB opened at $27.29 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.41. Civista Bancshares, Inc. has a 12-month low of $19.82 and a 12-month high of $29.97. The company has a market capitalization of $567.36 million, a PE ratio of 10.11 and a beta of 0.65. The firm's 50 day moving average is $28.05 and its 200-day moving average is $26.02.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $0.69 EPS for the quarter, topping the consensus estimate of $0.67 by $0.02. The business had revenue of $47.60 million during 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%. Equities research analysts anticipate that Civista Bancshares, Inc. will post 2.83 earnings per share for the current fiscal year.

Civista Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 18th. Shareholders of record on Tuesday, August 4th were given a dividend of $0.18 per share. 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 payout ratio is 26.67%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CIVB shares. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $31.00 target price (up from $29.00) on shares of Civista Bancshares in a research note on Friday, July 24th. Wall Street Zen lowered Civista Bancshares from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. DA Davidson lifted their price objective on Civista Bancshares from $31.00 to $33.00 and gave the company a "buy" rating in a report on Monday, July 27th. Zacks Research lowered Civista Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Piper Sandler increased their target price on Civista Bancshares from $30.00 to $31.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $30.25.

About Civista Bancshares

Civista Bancshares, Inc is a financial holding company headquartered in Sandusky, Ohio. Through its principal subsidiary, Civista Bank, the company provides community banking services to individuals, families, farmers and businesses.

Civista Bank offers deposit products, residential and commercial real estate lending, consumer loans, agricultural financing, and commercial loans. Its services also include treasury management, online and mobile banking, mortgage lending, trust and investment services, and insurance and financial planning solutions.

The bank traces its roots to the 19th century and has expanded through organic growth and acquisitions.

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