Civista Bancshares (NASDAQ:CIVB) Reaches New 1-Year High – Time to Buy?

Civista Bancshares, Inc. (NASDAQ:CIVB)’s stock price hit a new 52-week high on Thursday . The company traded as high as $29.04 and last traded at $28.9370, with a volume of 151945 shares trading hands. The stock had previously closed at $28.22.

Analyst Upgrades and Downgrades

CIVB has been the topic of several analyst reports. Piper Sandler increased their target price on shares of Civista Bancshares from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Zacks Research cut shares of Civista Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, Wall Street Zen downgraded Civista Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Civista Bancshares presently has an average rating of “Hold” and an average price target of $27.20.

Civista Bancshares Trading Up 2.5%

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $601.31 million, a P/E ratio of 10.64 and a beta of 0.66. The business has a 50 day moving average of $25.92 and a 200-day moving average of $24.21.

Civista Bancshares (NASDAQ:CIVB) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. The firm had revenue of $47.25 million for the quarter, compared to analyst estimates of $45.64 million. Civista Bancshares had a net margin of 19.73% and a return on equity of 10.70%. Analysts anticipate that Civista Bancshares, Inc. will post 2.84 EPS for the current fiscal year.

Civista Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 19th. Investors of record on Tuesday, May 5th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, May 5th. Civista Bancshares’s payout ratio is currently 26.47%.

Hedge Funds Weigh In On Civista Bancshares

A number of large investors have recently added to or reduced their stakes in CIVB. Wellington Management Group LLP raised its stake in shares of Civista Bancshares by 1,092.1% in the 3rd quarter. Wellington Management Group LLP now owns 1,474,065 shares of the bank’s stock valued at $29,938,000 after purchasing an additional 1,350,409 shares during the period. Alliancebernstein L.P. boosted its position in shares of Civista Bancshares by 2,904.8% during the third quarter. Alliancebernstein L.P. now owns 355,472 shares of the bank’s stock worth $7,220,000 after buying an additional 343,642 shares during the period. Royce & Associates LP acquired a new position in shares of Civista Bancshares during the third quarter worth about $5,584,000. Vanguard Group Inc. grew its holdings in shares of Civista Bancshares by 19.4% during the third quarter. Vanguard Group Inc. now owns 1,021,787 shares of the bank’s stock worth $20,752,000 after buying an additional 166,049 shares in the last quarter. Finally, Maltese Capital Management LLC grew its holdings in shares of Civista Bancshares by 93.2% during the third quarter. Maltese Capital Management LLC now owns 284,000 shares of the bank’s stock worth $5,768,000 after buying an additional 137,000 shares in the last quarter. Institutional investors own 52.10% of the company’s stock.

Civista Bancshares Company Profile

Civista Bancshares, Inc is a bank holding company headquartered in Saginaw, Michigan, operating through its wholly owned subsidiary, Civista Bank. The company offers a full suite of commercial and retail banking products and services to individuals, small- and mid-sized businesses, governmental entities and nonprofit organizations. Core offerings include deposit accounts, commercial and industrial loans, consumer and residential real estate mortgages, master-planned construction financing and treasury management solutions.

Beyond traditional banking, Civista Bancshares provides wealth management, trust and investment advisory services under the Civista Wealth Enterprises brand.