Penn Capital Management Company LLC has recently cut back its holding in Civista Bancshares Inc (NASDAQ: CIVB). The latest Securities and Exchange Commission (SEC) filing indicates that the firm sold 28,930 shares of the bank’s stock, reducing its position by 42.1% in the fourth quarter. Currently, Penn Capital Management owns 39, 737 shares of Civista Bancshares worth around $875,000, which is equivalent to about 0.25% of the company’s total capital.
Civista Bancshares declared a quarterly dividend on May 24th this year, giving shareholders a $0.15 dividend per share provided they were registered investors as at May 9th. This marks an increase from CIVB’s previous quarterly dividend of $0.14 per share representing a payout ratio of approximately 21.13%. On an annualized basis, this amounts to a $0.60 dividend with a yield of about 3.62%.
Several recent research reports have analyzed Civista Bancshares Inc in depth over the past months. Keefe, Bruyette & Woods set an “outperform” rating on CIVB’s stock and decreased their price target from $30 to $25 in April this year; StockNews.com gave it a “hold” rating while two analysts handed out “buy” ratings; Piper Sandler also issued an “overweight” rating on Civista Bancshares’ stock,-while TheStreet cut down its rating from “b-” to “c+”.
Despite mixed reviews and fluctuations within shareholder portfolios, Civista Bancshares remains appealing for its increase in dividends payout compared to the last few quarters as per recent announcements made by company executives.
According to Bloomberg data analysis and consensus among analysts across the board suggests that CIVB should garner considerable investor interest given they center their expectations around moderate buy ratings or higher and unvarying consensus on the stock’s target price of $26.83. June 11, 2023, we bring closure to a quarter that has been both eventful and impactful within the financial markets and capital investments niches with Civista Bancshares Inc. squarely marked as a point of interest for investors cautiously eyeing it in the midst of evolving market dynamics, apprehension, and economic uncertainties Covid-19 brought about.
Institutional Investors and Insiders Buy Up Shares in Community-Oriented Bank Holding Company, Civista Bancshares
Civista Bancshares, a community-oriented bank holding company with $1.9 billion in total assets, has been attracting the attention of institutional investors and insiders alike. Wealthquest Corp recently snapped up shares worth $1,083,000 during Q4 2023. The Manufacturers Life Insurance Company independently boosted its position by 8.8% during the first quarter of this year with shares valued at $13,896,000. JPMorgan Chase & Co. made a huge entrance into Civista Bancshares by acquiring additional shares worth an estimated $1,017,000 while Wellington Management Group LLP followed suit with an additional 41,700 shares worth $12,271,000.
Despite being impacted by trading volatility in recent months and COVID-19 pandemic effects earlier last year – which caused its market cap to decrease to USD 261.15 million as the stock traded below its offering price – institutional investors have shown signs of support for the firm’s solid performance thus far in Q2 2023.
Meanwhile insider director Gerald B. Wurm dove into the stock owning three separate personal transactions— May 04th at an average cost of USD 14.67 per share for a transaction worth an estimated USD 51,345; March 23rd at an average cost of USD17.80 per share for a transaction valued at about USD35,600; and February (date not provided) for yet another undisclosed sum – totaling around USD104495 in purchases over the preceding ninety days.
Insiders are buying quite generously and hold roughly a small fraction (2.76%) of Civista Bancshare’s outstanding shares simultaneously representing increased stability while displaying confidence in their essential vision and growth plans.
Though Civista Bancshares’ stock opened at only $16.56 on Friday trading day after continuously dipping below it’s even lower yearly lowmark of USD14.02.The company still managed to retain its appeal to investors, particularly with its P/E ratio of 5.83 and a beta of 0.77, backed by a strong current ratio of 0.90 and a quick ratio of 0.90 – added proof that Civista Bancshares indeed has the potential to not only rebound from challenging economic climates but also grow exponentially in the long term.
As institutions continue to boost confidence with their collective shares, insiders keep buying more indicating trust in the company’s exceptional resilience while displaying a high degree of business acumen that can encourage others to follow their example. Ultimately, Civista Bancshares presents an impressive investment opportunity for those willing to consider long term returns beyond immediate market performance measures amid broader economic turbulence in the US and international markets.RELATED: Understanding Stock Market Trends & How They Affect Your Finances