Civista Bancshares (NASDAQ:CIVB) Rating Increased to Outperform at Hovde Group

Hovde Group upgraded shares of Civista Bancshares (NASDAQ:CIVB) from a market perform rating to an outperform rating in a report released on Wednesday morning, MarketBeat.com reports. They currently have $22.00 price objective on the bank’s stock.

CIVB has been the topic of several other reports. Piper Sandler upped their price objective on shares of Civista Bancshares from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Keefe, Bruyette & Woods restated an “outperform” rating and set a $19.00 price target (up from $18.00) on shares of Civista Bancshares in a research note on Tuesday, July 30th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Civista Bancshares has an average rating of “Moderate Buy” and a consensus price target of $20.25.

Civista Bancshares Trading Up 8.1 %

Shares of CIVB stock opened at $20.25 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.64. The firm has a market cap of $318.47 million, a P/E ratio of 8.69 and a beta of 0.80. The company has a 50 day moving average of $17.54 and a 200-day moving average of $16.05. Civista Bancshares has a 12-month low of $13.60 and a 12-month high of $20.39.

Civista Bancshares (NASDAQ:CIVB) last released its earnings results on Tuesday, October 29th. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.09. Civista Bancshares had a return on equity of 9.24% and a net margin of 14.48%. The business had revenue of $62.43 million during the quarter, compared to the consensus estimate of $37.60 million. During the same period last year, the business posted $0.66 earnings per share. Sell-side analysts anticipate that Civista Bancshares will post 1.76 earnings per share for the current year.

Civista Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 5th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Tuesday, November 5th. Civista Bancshares’s payout ratio is 27.47%.

Insider Activity at Civista Bancshares

In other news, Director Julie A. Mattlin bought 2,000 shares of the stock in a transaction on Tuesday, August 13th. The shares were acquired at an average cost of $15.60 per share, for a total transaction of $31,200.00. Following the purchase, the director now directly owns 12,442 shares of the company’s stock, valued at $194,095.20. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Civista Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EntryPoint Capital LLC bought a new stake in shares of Civista Bancshares during the 1st quarter valued at about $63,000. SG Americas Securities LLC purchased a new stake in Civista Bancshares in the third quarter valued at approximately $102,000. Princeton Capital Management LLC bought a new stake in Civista Bancshares during the second quarter valued at approximately $189,000. Allspring Global Investments Holdings LLC grew its stake in Civista Bancshares by 10,347.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 12,746 shares of the bank’s stock worth $197,000 after buying an additional 12,624 shares in the last quarter. Finally, Quadrature Capital Ltd increased its holdings in shares of Civista Bancshares by 24.7% in the 1st quarter. Quadrature Capital Ltd now owns 18,535 shares of the bank’s stock worth $283,000 after buying an additional 3,672 shares during the last quarter. 52.10% of the stock is currently owned by hedge funds and other institutional investors.

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.