Civista Bancshares, Inc. (CIVB) Downgraded by Zacks Investment Research to Sell

Civista Bancshares, Inc. (NASDAQ:CIVB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “Civista Bancshares, Inc. is a bank holding company. The Company is involved in the business of community banking, through its subsidiaries. It operates primarily in Ohio. Civista Bancshares, Inc., formerly known as First Citizens Banc Corp, is based in SANDUSKY, United States. “

Several other equities analysts have also recently commented on CIVB. DA Davidson reiterated a “neutral” rating and set a $24.50 target price on shares of Civista Bancshares in a research note on Tuesday, July 4th. Boenning Scattergood set a $24.00 price objective on shares of Civista Bancshares and gave the company a “buy” rating in a research note on Friday, July 28th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $24.00 target price on shares of Civista Bancshares in a research report on Sunday, July 30th. Finally, Sandler O’Neill reiterated a “buy” rating and set a $25.00 target price (up previously from $23.50) on shares of Civista Bancshares in a research report on Friday, October 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $24.38.

Civista Bancshares (NASDAQ:CIVB) last posted its quarterly earnings data on Friday, October 27th. The bank reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.01). The firm had revenue of $17.15 million for the quarter, compared to the consensus estimate of $17.60 million. Civista Bancshares had a return on equity of 10.66% and a net margin of 21.56%.

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A number of institutional investors have recently added to or reduced their stakes in the stock. OxFORD Asset Management LLP boosted its stake in Civista Bancshares by 16.5% during the 2nd quarter. OxFORD Asset Management LLP now owns 27,684 shares of the bank’s stock worth $578,000 after acquiring an additional 3,915 shares during the last quarter. First Trust Advisors LP boosted its stake in Civista Bancshares by 25.8% during the 3rd quarter. First Trust Advisors LP now owns 20,035 shares of the bank’s stock worth $448,000 after acquiring an additional 4,114 shares during the last quarter. FNY Partners Fund LP bought a new position in Civista Bancshares during the 1st quarter worth approximately $110,000. Nationwide Fund Advisors boosted its stake in Civista Bancshares by 15.7% during the 2nd quarter. Nationwide Fund Advisors now owns 39,665 shares of the bank’s stock worth $828,000 after acquiring an additional 5,394 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. bought a new position in Civista Bancshares during the 2nd quarter worth approximately $124,000. 41.61% of the stock is currently owned by institutional investors and hedge funds.

Civista Bancshares Company Profile

Civista Bancshares, Inc is a financial holding company. The Company, through the subsidiary bank, Civista Bank, is primarily engaged in the business of community banking. Civista Bank, located in Erie, Crawford, Champaign, Cuyahoga, Franklin, Logan, Madison, Montgomery, Summit, Huron, Ottawa and Richland Counties, Ohio, conducts a general banking business that involves collecting customer deposits, making loans, purchasing securities, and offering Trust services.

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