Hovde Group Upgrades Civista Bancshares (NASDAQ:CIVB) to Outperform

Civista Bancshares (NASDAQ:CIVB - Get Free Report) was upgraded by equities researchers at Hovde Group from a "market perform" rating to an "outperform" rating in a research report issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $22.00 price target on the bank's stock. Hovde Group's price target would suggest a potential upside of 8.64% from the company's current price.

Several other brokerages have also recently commented on CIVB. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $19.00 target price (up from $18.00) on shares of Civista Bancshares in a report on Tuesday, July 30th. 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 research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.25.

Civista Bancshares Trading Up 8.1 %

NASDAQ CIVB traded up $1.51 on Wednesday, hitting $20.25. The company's stock had a trading volume of 124,521 shares, compared to its average volume of 38,895. The company's 50-day moving average is $17.47 and its 200 day moving average is $16.02. The firm has a market cap of $318.47 million, a PE ratio of 8.62 and a beta of 0.80. Civista Bancshares has a 1-year low of $13.60 and a 1-year high of $20.39. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.64.

Civista Bancshares (NASDAQ:CIVB - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The bank reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.09. The business had revenue of $62.43 million during the quarter, compared to the consensus estimate of $37.60 million. Civista Bancshares had a return on equity of 9.24% and a net margin of 14.48%. During the same period in the prior year, the business posted $0.66 earnings per share. As a group, analysts predict that Civista Bancshares will post 1.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Julie A. Mattlin bought 2,000 shares of Civista Bancshares stock in a transaction dated Tuesday, August 13th. The stock was bought 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 in the company, valued at approximately $194,095.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.01% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CIVB. EntryPoint Capital LLC purchased a new position in shares of Civista Bancshares during the first quarter valued at approximately $63,000. SG Americas Securities LLC purchased a new position in Civista Bancshares during the 3rd quarter worth $102,000. Princeton Capital Management LLC bought a new stake in shares of Civista Bancshares in the 2nd quarter worth $189,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Civista Bancshares by 10,347.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 12,746 shares of the bank's stock valued at $197,000 after purchasing an additional 12,624 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its position in shares of Civista Bancshares by 24.7% during the first quarter. Quadrature Capital Ltd now owns 18,535 shares of the bank's stock valued at $283,000 after purchasing an additional 3,672 shares in the last quarter. 52.10% of the stock is owned by 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.