Civista Bancshares (NASDAQ:CIVB) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Civista Bancshares (NASDAQ:CIVB) announced its quarterly earnings results on Thursday. The bank reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.14, FiscalAI reports. Civista Bancshares had a net margin of 17.42% and a return on equity of 10.20%. The company had revenue of $46.34 million for the quarter, compared to analysts’ expectations of $45.43 million.

Civista Bancshares Stock Performance

NASDAQ CIVB traded up $0.53 during trading hours on Thursday, hitting $23.82. 16,831 shares of the company’s stock traded hands, compared to its average volume of 90,875. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.69. Civista Bancshares has a 52 week low of $17.47 and a 52 week high of $25.59. The firm has a market capitalization of $459.87 million, a P/E ratio of 8.89 and a beta of 0.70. The business’s fifty day moving average price is $22.97 and its two-hundred day moving average price is $21.58.

Civista Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This is a positive change from Civista Bancshares’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.0%. Civista Bancshares’s payout ratio is 25.37%.

Hedge Funds Weigh In On Civista Bancshares

A number of institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC raised its stake in shares of Civista Bancshares by 28.0% in the first quarter. AQR Capital Management LLC now owns 35,012 shares of the bank’s stock worth $684,000 after buying an additional 7,652 shares during the period. Empowered Funds LLC lifted its stake in shares of Civista Bancshares by 22.7% during the 1st quarter. Empowered Funds LLC now owns 64,535 shares of the bank’s stock valued at $1,261,000 after buying an additional 11,918 shares in the last quarter. Jane Street Group LLC purchased a new stake in Civista Bancshares in the 1st quarter worth $453,000. Acadian Asset Management LLC lifted its position in shares of Civista Bancshares by 15.1% in the first quarter. Acadian Asset Management LLC now owns 33,814 shares of the bank’s stock valued at $659,000 after acquiring an additional 4,426 shares in the last quarter. Finally, Franklin Resources Inc. bought a new position in shares of Civista Bancshares in the second quarter worth about $221,000. 52.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. DA Davidson reiterated a “buy” rating and issued a $26.00 target price on shares of Civista Bancshares in a research note on Friday, November 21st. Zacks Research cut Civista Bancshares from a “hold” rating to a “strong sell” rating in a research report on Friday, January 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Civista Bancshares in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on Civista Bancshares from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $24.60.

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.