Civista Bancshares (CIVB) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Civista Bancshares (NASDAQ:CIVB) from a hold rating to a sell rating in a research note released on Tuesday.

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. “

CIVB has been the subject of several other reports. Hovde Group upgraded Civista Bancshares from a market perform rating to an outperform rating and set a $26.00 target price for the company in a research note on Wednesday, September 19th. BidaskClub cut Civista Bancshares from a hold rating to a sell rating in a research note on Tuesday, October 2nd. Boenning Scattergood cut Civista Bancshares from an outperform rating to a neutral rating in a research note on Monday, November 5th. Finally, Keefe, Bruyette & Woods reiterated a buy rating and set a $31.00 target price on shares of Civista Bancshares in a research note on Monday, July 30th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Civista Bancshares has a consensus rating of Hold and an average target price of $26.50.

NASDAQ CIVB traded down $0.30 on Tuesday, reaching $20.95. The company had a trading volume of 33,228 shares, compared to its average volume of 46,988. The stock has a market cap of $230.50 million, a PE ratio of 15.75, a P/E/G ratio of 1.96 and a beta of 0.53. Civista Bancshares has a 1 year low of $20.46 and a 1 year high of $25.88. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 1.05.

Civista Bancshares (NASDAQ:CIVB) last released its quarterly earnings results on Friday, November 2nd. The bank reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.02. The firm had revenue of $19.11 million during the quarter, compared to analysts’ expectations of $22.16 million. Civista Bancshares had a return on equity of 12.69% and a net margin of 12.75%. Sell-side analysts anticipate that Civista Bancshares will post 1.36 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Tuesday, October 23rd were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.72%. The ex-dividend date was Monday, October 22nd. Civista Bancshares’s dividend payout ratio (DPR) is presently 27.07%.

A number of institutional investors and hedge funds have recently made changes to their positions in CIVB. BlackRock Inc. lifted its stake in Civista Bancshares by 3.5% during the first quarter. BlackRock Inc. now owns 480,500 shares of the bank’s stock worth $10,983,000 after purchasing an additional 16,092 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Civista Bancshares by 84.6% during the first quarter. Dimensional Fund Advisors LP now owns 103,783 shares of the bank’s stock worth $2,372,000 after purchasing an additional 47,572 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Civista Bancshares by 165.0% during the second quarter. Acadian Asset Management LLC now owns 50,233 shares of the bank’s stock worth $1,218,000 after purchasing an additional 31,277 shares during the last quarter. Fort Washington Investment Advisors Inc. OH lifted its stake in Civista Bancshares by 11.2% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 89,269 shares of the bank’s stock worth $2,164,000 after purchasing an additional 8,998 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Civista Bancshares by 20.6% in the second quarter. First Trust Advisors LP now owns 24,734 shares of the bank’s stock worth $600,000 after buying an additional 4,220 shares during the period. Hedge funds and other institutional investors own 57.18% of the company’s stock.

About Civista Bancshares

Civista Bancshares, Inc operates as the financial holding company for Civista Bank that engages in the community banking business in Ohio. The company accepts noninterest-bearing and interest-bearing demand deposits, and certificates of deposit. It offers commercial, commercial and residential real estate mortgage, real estate construction, and consumer loans.

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