Civista Bancshares, Inc. (NASDAQ:CIVB – Get Rating) announced a quarterly dividend on Friday, October 28, investing.com reports. Investors of record on Tuesday, November 8 will receive a dividend of 0.14 per share from the bank on Tuesday, November 22. This represents a dividend of $0.56 on an annualized basis and a yield of 2.37%. The ex-dividend date is Monday, November 7.
Civista Bancshares has increased its dividend payout by an average of 17.6% per year over the past three years and has increased its dividend every year for the past 10 years. Civista Bancshares has a payout ratio of 18.1%, which means its dividend is sufficiently covered by earnings. Equity research analysts expect Civista Bancshares to earn $3.10 per share next year, meaning the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 18.1%.
Civista Banc shares trade up 3.5%
Shares of CIVB opened at $23.62 on Friday. The company’s 50-day simple moving average is $21.52 and its 200-day simple moving average is $21.51. The company has a market capitalization of $364.22 million, a P/E ratio of 9.26 and a beta of 0.82. The company has a debt ratio of 0.59, a current ratio of 0.91 and a quick ratio of 0.91. Civista Bancshares has a 1-year low of $20.10 and a 1-year high of $25.94.
Institutional entries and exits
Hedge funds have recently changed their positions in the business. BNP Paribas Arbitrage SA increased its equity stake in Civista Bancshares by 78.6% in the second quarter. BNP Paribas Arbitrage SA now owns 6,108 shares in the bank worth $130,000 after purchasing an additional 2,689 shares during the period. MetLife Investment Management LLC increased its stake in Civista Bancshares shares by 58.3% in the first quarter. MetLife Investment Management LLC now owns 8,279 shares of the bank worth $200,000 after purchasing 3,049 additional shares during the period. Acadian Asset Management LLC increased its stake in Civista Bancshares shares by 33.1% in the first quarter. Acadian Asset Management LLC now owns 20,005 shares of the bank worth $480,000 after purchasing an additional 4,975 shares during the period. Rhumbline Advisers increased its stake in Civista Bancshares shares by 8.5% in the second quarter. Rhumbline Advisers now owns 21,467 shares of the bank worth $456,000 after purchasing an additional 1,687 shares during the period. Finally, Invesco Ltd. increased its stake in Civista Bancshares shares by 78.3% in the first quarter. Invesco Ltd. now owns 29,129 shares of the bank worth $702,000 after purchasing an additional 12,793 shares during the period. 52.59% of the shares are held by hedge funds and other institutional investors.
Changes to analyst ratings
A number of equity research analysts have weighed in on CIVB shares recently. Piper Sandler raised her target price on Civista Bancshares shares to $25.50 in a research note on Tuesday. StockNews.com upgraded Civista Bancshares shares from a “hold” rating to a “buy” rating in a Friday, October 28 research note. Stephens raised his price target on shares of Civista Bancshares to $27.00 in a Tuesday, August 23 research note. DA Davidson raised his price target on Civista Bancshares shares to $30.00 in a research note on Tuesday. Finally, Hovde Group raised its price target on Civista Bancshares shares to $26.50 in a research note on Tuesday.
Civista Bancshares Company Profile
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Cavista Bancshares, Inc is a financial holding company active in the community banking sector. It provides financial services through its offices in the Ohio counties of Erie, Crawford, Champaign, Franklin, Logan, Summit, Huron, Ottawa, Madison, Union and Richland. The Company’s primary deposit products are checking, savings and term certificate accounts, and its lending products are residential, commercial and installment mortgages.
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