Zacks Research Upgrades Civista Bancshares (NASDAQ:CIVB) to Hold

Key Points

• Zacks Research upgraded Civista Bancshares from a "strong sell" to a "hold" rating, reflecting a shift in analyst sentiment regarding the stock.
• Several analysts have issued price target adjustments, with Stephens lowering their target from $27.00 to $24.00 and Hovde Group setting a target of $22.00 following a downgrade.
• Insider buying has been noted, with Director Nathan E. Weaks purchasing 2,000 shares at an average cost of $19.88, marking a 31.83% increase in his holdings.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Stephens decreased their price target on shares of 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. Hovde Group downgraded shares of Civista Bancshares from an "outperform" rating to a "market perform" rating and set a $22.00 price target for the company. in a research report on Monday, August 18th. DA Davidson set a $26.00 price target on shares of Civista Bancshares and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Wall Street Zen downgraded shares of Civista Bancshares from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $24.80.

Civista Bancshares Stock Down 0.1%

CIVB stock opened at $20.31 on Monday. Civista Bancshares has a twelve month low of $17.00 and a twelve month high of $25.59. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $392.19 million, a P/E ratio of 8.03 and a beta of 0.76. The firm has a 50 day simple moving average of $20.46 and a 200-day simple moving average of $21.24.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last released its quarterly earnings results 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 company had revenue of $41.40 million for the quarter, compared to analyst estimates of $43.07 million. On average, equities research analysts predict that Civista Bancshares will post 2.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Civista Bancshares

In other Civista Bancshares news, Director Nathan E. Weaks purchased 2,000 shares of Civista Bancshares stock in a transaction dated Wednesday, July 30th. The shares were bought at an average cost of $19.88 per share, for a total transaction of $39,760.00. Following the transaction, the director owned 8,283 shares in the company, valued at $164,666.04. This represents a 31.83% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Darci L. Congrove bought 1,250 shares of the business's stock in a transaction on Friday, July 11th. The stock was bought at an average price of $21.25 per share, for a total transaction of $26,562.50. Following the completion of the purchase, the director directly owned 1,250 shares of the company's stock, valued at $26,562.50. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 14,742 shares of company stock valued at $307,978. Corporate insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Civista Bancshares

Hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. lifted its stake in Civista Bancshares by 306.6% in the second quarter. Federated Hermes Inc. now owns 1,346 shares of the bank's stock valued at $31,000 after buying an additional 1,015 shares during the last quarter. Caldwell Trust Co bought a new stake in shares of Civista Bancshares during the second quarter valued at about $32,000. CWM LLC raised its stake in shares of Civista Bancshares by 43.7% during the first quarter. CWM LLC now owns 3,084 shares of the bank's stock valued at $60,000 after purchasing an additional 938 shares in the last quarter. Osaic Holdings Inc. raised its stake in shares of Civista Bancshares by 628.2% during the second quarter. Osaic Holdings Inc. now owns 3,226 shares of the bank's stock valued at $75,000 after purchasing an additional 2,783 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Civista Bancshares by 4,003.0% during 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 in the last quarter. 52.10% of the stock is currently owned by institutional investors.

Civista Bancshares Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.