Updated 4/21/25
Based out of Sandusky, Ohio, this regional player has been around for decades, expanding its footprint throughout Ohio and neighboring states. Its growth has been disciplined, mostly through targeted acquisitions and consistent service in local markets.
Trading near $19.64 per share and carrying a market cap just over $300 million, Civista falls squarely in the small-cap category. But don’t let its size fool you. For income-focused investors, this bank offers something a little harder to find these days: stability without paying a premium. It’s not about flash—it’s about fundamentals and a commitment to rewarding shareholders.
Recent Events
The past year has been kind to Civista. Shares have climbed more than 30% over the last 12 months, outpacing the broader market. While that type of move might suggest some big event, this was a more gradual, fundamentals-driven climb. Revenue rose 6.8% year-over-year in the most recent quarter, and earnings per share ticked up by 2.5%. These aren’t explosive numbers—but they speak to a bank that’s executing steadily despite macro pressures.
What really stands out is valuation. The price-to-book sits at 0.79, a clear sign that investors aren’t overpaying for assets. The trailing P/E is just 9.88, with the forward P/E even lower at 9.53. That’s not just cheap—it’s rare, especially when paired with a strong balance sheet and a conservative dividend policy.
Key Dividend Metrics
📈 Forward Dividend Yield: 3.42%
💸 Trailing Dividend Yield: 3.22%
📆 Ex-Dividend Date: April 29, 2025
📅 Dividend Payment Date: May 13, 2025
🧮 Payout Ratio: 31.84%
📊 5-Year Average Dividend Yield: 2.96%
🪙 Annual Dividend (Forward): $0.68
📈 Dividend Growth: Consistent increases
Dividend Overview
For yield-focused investors, Civista’s 3.42% forward dividend yield hits a sweet spot. It’s not so high that it raises red flags, but comfortably higher than what many large-cap peers are offering right now. It’s also worth noting that the payout ratio is just under 32%, which gives plenty of room for flexibility. The company isn’t overextending itself to reward shareholders—it’s doing it from a place of earnings strength.
That modest payout ratio is backed by real numbers. The bank earned $2.01 in diluted EPS over the last twelve months, and it plans to distribute $0.68 in dividends this year. That’s not only sustainable—it’s prudent. This kind of coverage gives Civista breathing room if economic conditions tighten, while also leaving space to gradually raise the payout if earnings continue trending up.
And the next dividend is just around the corner. With the ex-dividend date set for April 29 and a payout on May 13, shareholders won’t have to wait long to see the cash flow continue.
Dividend Growth and Safety
Civista may not be flashy when it comes to dividend growth, but it has been reliably raising its dividend in line with earnings. The most recent bump from $0.64 to $0.68 per share marks a 6.25% increase—not massive, but consistent. That’s exactly what long-term income investors want: stable, incremental growth that doesn’t rely on aggressive assumptions.
Under the hood, the bank’s fundamentals continue to support this path. Return on equity stands at 8.33%, and return on assets is 0.80%. Not the highest in the sector, but comfortably solid. The company also holds nearly $70 million in cash, translating to $4.52 per share, which is a strong position for a bank its size.
Volatility is low as well. Civista’s five-year beta is just 0.66, meaning it’s less prone to dramatic swings than the broader market. For investors looking to anchor a dividend portfolio with a reliable name, that kind of calm is welcome.
And institutional investors seem to agree. With over 56% of shares held by funds and large investors, there’s clearly some quiet confidence in the story. Add to that the minimal short interest—just under 1%—and you’ve got a stock that’s not on many radar screens for the wrong reasons.
For dividend-focused investors who care about dependable income, conservative management, and sensible valuation, Civista Bancshares offers a compelling mix of all three.
Cash Flow Statement
Over the trailing twelve months, Civista Bancshares generated $48.2 million in operating cash flow, reflecting a solid level of earnings conversion despite a year marked by shifting rate dynamics. This level of operating strength aligns closely with the bank’s historical ability to produce consistent cash from its core business, even as interest expense has nearly doubled year-over-year, hitting nearly $90 million. Notably, free cash flow came in at $44 million—ample coverage for dividends and a strong indicator of internal capital efficiency.
On the investing side, the bank reported an outflow of $258.8 million, continuing a pattern of heavy investment in securities and loan activity seen in prior years. Financing activity added $213.3 million in inflows, which helped offset the investment draw. With capital expenditures remaining modest at just over $4 million, and minimal share repurchases this cycle, Civista appears focused on preserving liquidity and strengthening core operations. The result is an end-of-period cash position of $63.2 million, a slight uptick from last year and a sign of careful financial management.
Analyst Ratings
Civista Bancshares has recently drawn some positive attention from analysts. Hovde Group shifted their stance from “Market Perform” to “Outperform” 🎯, highlighting the bank’s improved earnings and what they view as an undervalued stock price. They pointed to Civista’s disciplined financial performance and a valuation that offers room to run, especially relative to peers in the regional banking space.
DA Davidson has also reiterated a “Buy” call 💼, setting their price target at $27.00. That suggests meaningful upside from current levels and reflects confidence in the bank’s long-term strategy, especially in how it manages risk and capital. On the more neutral side, Stephens Inc. maintained its “Equal Weight” rating ⚖️, showing a wait-and-see approach despite acknowledging the bank’s recent momentum.
Taken together, the overall consensus from the analyst community is a “Moderate Buy” 🟢, with a consensus price target of $23.40. While not explosive, it still points to solid potential upside and suggests that analysts see more to like than not in Civista’s current setup. The sentiment, while cautious in places, leans constructive thanks to stable earnings, consistent dividends, and a clean balance sheet.
Earning Report Summary
Civista Bancshares ended 2024 on a solid note, delivering a steady performance that shows it’s staying the course even in a more challenging rate environment. The fourth quarter brought in $9.9 million in net income, which works out to $0.63 per share. That’s a hair better than the same quarter last year, where the number landed at $0.62. For the full year, Civista posted $31.7 million in net income, or $2.01 per share. That’s down from $2.73 per share in 2023, but considering the year’s shifting rate pressures and competitive deposit environment, the results still show strength in the fundamentals.
Net Interest Income Sees a Boost
One of the brighter spots this quarter was in net interest income. It rose by just over $2 million compared to the third quarter, thanks largely to a strategic pullback on higher-cost borrowing and some meaningful growth in deposits. The bank did a good job managing its interest expenses, trimming them down by $1.6 million even as interest income ticked slightly higher. That kind of margin discipline speaks to a leadership team that’s being selective and smart with its balance sheet.
Non-Interest Income and Deposit Growth
Non-interest income stayed pretty steady at $37.7 million for the year, a slight bump up from 2023. The bank dealt with lower overdraft fees and a drop in revenue from tax refund processing, but other areas made up for it. Deposit growth was also strong, with a gain of $226.8 million year-over-year. That’s not small change for a bank of this size and shows continued trust from the communities they serve.
Loan Growth and Asset Quality
On the lending side, Civista expanded its total loan book by $219.5 million, or about 7.7% over the year. Residential real estate and construction lending led the way—no surprise, considering the ongoing demand for housing in many of the markets the bank serves. Credit quality held up well, with the allowance for credit losses dipping slightly to 1.29% of loans, a positive sign that the portfolio is holding together just fine.
What Leadership Had to Say
CEO Dennis Shaffer seemed upbeat about where things stand. He pointed out that earlier efforts to improve deposit stability paid off, and noted that the recent dividend increase was a direct reflection of the bank’s financial strength. He also made it clear that Civista isn’t resting—it’s leaning into growth where demand exists, especially around housing and construction financing.
Looking forward, leadership is staying focused on delivering consistent performance while being mindful of the shifting economic landscape. That measured, forward-thinking approach continues to be part of what defines Civista’s way of doing business.
Chart Analysis
CIVB has had quite a journey over the past year, and the technical setup in this chart gives some valuable insight into the stock’s behavior and current positioning.
Price Trend and Moving Averages
Looking at the price movement, the stock made a notable climb from late June through December, with a strong uptrend pushing it well above the 50-day and 200-day moving averages. That momentum peaked around mid-January, when the price briefly touched the $23 range. Since then, the stock has cooled off, with the 50-day moving average rolling over and now trending downward. Meanwhile, the 200-day line is still pushing upward, suggesting longer-term support remains intact.
The current price is hovering right between the two moving averages. This often marks a zone of decision—either the price consolidates and moves higher, or it breaks down if momentum fades. So far, price action is holding up fairly well near the 200-day average, which continues to rise slowly.
Volume Activity
Volume has stayed relatively steady, without any dramatic spikes recently. This tells us there’s not a lot of panic selling or aggressive buying happening right now. Back in early November and again in late January, volume picked up during those breakout runs. But lately, it’s quieter, which often reflects consolidation and a wait-and-see tone in the market.
RSI Momentum
The Relative Strength Index (RSI) gives more color to the current setup. After dipping below 30 in early March—signaling an oversold condition—RSI has been climbing back and now sits near neutral territory. That shift suggests some of the selling pressure has eased, but there’s no clear buying momentum yet either. A slow build in RSI without overheating is typically healthier than a sharp bounce, so this gradual recovery is a positive sign.
Overall Setup
From a technical view, CIVB seems to be in a cooling-off phase after a strong rally that started last summer. The support around the 200-day moving average is key here. If the price can stay above that level and volume begins to build again, the stock could stabilize and begin another move higher. On the other hand, if it falls meaningfully below that support, it may need more time to reset. The RSI recovery and steady volume are encouraging, and the broader trend still leans constructive despite the recent pullback.