Civista Bancshares, Inc. (NASDAQ:CIVB) has reported a recent stock acquisition by Michael D. Mulford, the company's Senior Vice President. According to the latest regulatory filing, Mulford purchased 1,000 shares of Civista Bancshares at a price of $13.97 per share, totaling an investment of $13,970.
The transaction, which took place on May 8, 2024, increased Mulford's direct ownership in the company to 3,000 shares. This move reflects a vote of confidence in the financial institution, which operates under the standard industrial classification of state commercial banks.
Civista Bancshares, headquartered in Sandusky, Ohio, has a history that traces back to its former name, First Citizens Banc Corp , before the name change in 1995. With a strong presence in the region, the company continues to focus on providing banking services that cater to the needs of its community.
Investors often look to insider purchases as a signal of executive belief in the company's future prospects. Mulford's acquisition is a direct investment in the company and may be interpreted as a positive sign for Civista Bancshares' outlook.
The filing was signed on behalf of Michael D. Mulford by Lori A. Castillo, by power of attorney, on May 9, 2024. As always, investors are encouraged to consider the context of such transactions within the broader market and company-specific developments when evaluating their potential significance.
InvestingPro Insights
Following the insider stock acquisition by Senior Vice President Michael D. Mulford, Civista Bancshares, Inc. (NASDAQ:CIVB) demonstrates additional facets of financial health and projections that investors may find informative. As per the latest data from InvestingPro, Civista Bancshares is trading at an attractive earnings multiple with a P/E Ratio of 6.25 and an adjusted P/E Ratio for the last twelve months as of Q1 2024 at 6.5. This positions the company as potentially undervalued compared to industry peers.
Despite a challenging environment, as indicated by a slight revenue decline of 0.03% over the last twelve months as of Q1 2024, Civista Bancshares has upheld a commendable dividend track record. An InvestingPro Tip highlights that the company has not only maintained but also raised its dividend for 14 consecutive years, showcasing a commitment to returning value to shareholders. The dividend yield stands at a robust 4.42%, which is particularly appealing for income-focused investors.
Moreover, the InvestingPro Fair Value estimate is at $17.74 USD, suggesting that the stock holds potential for upside from its previous close price of $14.49 USD. It's worth noting that Civista Bancshares is trading near its 52-week low, which might be an opportune entry point for investors considering the company's long-term profitability, as analysts predict Civista will remain profitable this year.
For those looking to delve deeper into Civista Bancshares' financials and future outlook, InvestingPro offers additional insights, with 8 more InvestingPro Tips available at https://www.investing.com/pro/CIVB. Investors may use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, providing a more comprehensive investment analysis toolkit.
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