Pinnacle Holdings LLC Acquires New Holdings in Civista Bancshares, Inc. $CIVB

Pinnacle Holdings LLC acquired a new position in Civista Bancshares, Inc. (NASDAQ:CIVB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 58,920 shares of the bank’s stock, valued at approximately $1,663,000.

Other hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC increased its holdings in shares of Civista Bancshares by 57.5% in the 4th quarter. NewEdge Advisors LLC now owns 1,317 shares of the bank’s stock valued at $29,000 after acquiring an additional 481 shares during the period. Federated Hermes Inc. lifted its stake in shares of Civista Bancshares by 306.6% during the 2nd quarter. Federated Hermes Inc. now owns 1,346 shares of the bank’s stock worth $31,000 after purchasing an additional 1,015 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of Civista Bancshares by 628.2% during the 2nd quarter. Osaic Holdings Inc. now owns 3,226 shares of the bank’s stock worth $75,000 after purchasing an additional 2,783 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Civista Bancshares by 111.4% during the third quarter. BNP Paribas Financial Markets now owns 3,998 shares of the bank’s stock valued at $81,000 after purchasing an additional 2,107 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Civista Bancshares by 784.7% during the second quarter. Tower Research Capital LLC TRC now owns 4,795 shares of the bank’s stock valued at $111,000 after purchasing an additional 4,253 shares in the last quarter. Hedge funds and other institutional investors own 52.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Zacks Research lowered Civista Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Piper Sandler increased their price target on shares of Civista Bancshares from $30.00 to $31.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of Civista Bancshares in a report on Wednesday, July 8th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $31.00 price objective (up from $29.00) on shares of Civista Bancshares in a research report on Friday, July 24th. Finally, DA Davidson boosted their price objective on shares of Civista Bancshares from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Civista Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $30.25.

Civista Bancshares Price Performance

Civista Bancshares stock opened at $27.60 on Monday. Civista Bancshares, Inc. has a 1-year low of $19.82 and a 1-year high of $29.97. The business has a fifty day moving average price of $28.16 and a 200-day moving average price of $25.59. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.95 and a quick ratio of 0.94. The stock has a market capitalization of $573.80 million, a price-to-earnings ratio of 10.22 and a beta of 0.66.

Civista Bancshares (NASDAQ:CIVB) last announced its earnings results on Thursday, July 23rd. The bank reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.02. Civista Bancshares had a return on equity of 10.65% and a net margin of 20.79%.The company had revenue of $47.60 million for the quarter, compared to analyst estimates of $48.08 million. Equities research analysts forecast that Civista Bancshares, Inc. will post 2.83 EPS for the current fiscal year.

Civista Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 18th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.18 per share. The ex-dividend date was Tuesday, August 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. Civista Bancshares’s payout ratio is presently 26.67%.

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.