Market Buzz

Notable Stock News to Watch: Civista Bancshares (NASDAQ:CIVB)

Civista Bancshares (NASDAQ:CIVB) spotted trading -39.51% off 52-week high price. On the other end, the stock has been noted 26.59% away from the low price over the last 52-weeks. The stock changed -0.61% to recent value of $14.71. The stock transacted 28780 shares during most recent day however it has an average volume of 64.45K shares. The company has 17.14M of outstanding shares and 16.39M shares were floated in the market.

On May 04, 2020, Civista Bancshares (NASDAQ:CIVB) released that the Board of Directors has approved a stock repurchase program for Civista. The program authorizes the repurchase by Civista of a maximum aggregate value of thirteen million, five hundred thousand ($13,500,000) at such prices that management shall determine to be advantageous to Civista. This authorization to repurchase shares will continue until April 20, 2021.

Dennis G. Shaffer, Civista’s President and CEO commented, We remain committed to our strategy of growing our franchise. Given the COVID-19 situation, I think it is more important than ever to understand current market conditions and the potential impact on the company. Provided we have a level of comfort, the repurchase program will allow us to be opportunistic and further deliver value to our shareholders.

Under the share repurchase program, shares may be repurchased from time to time in the open market or through negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. The Board’s action authorizes Civista to execute one or more 10b5-1 trading plans. The trading plans would allow Civista to repurchase shares of its common stock at times when it otherwise might be prevented from doing so under insider trading laws by requiring that an agent selected by Civista repurchase shares of common stock on Civista’s behalf.

Its earnings per share (EPS) expected to touch remained 97.00% for this year while earning per share for the next 5-years is expected to reach at 8.00%. CIVB has an operating margin of 85.30% while its profit margin remained 33.50% for the last 12 months.

The price moved ahead of 5.95% from the mean of 20 days, -5.72% from mean of 50 days SMA and performed -27.92% from mean of 200 days price. Company’s performance for the week was -1.08%, 7.06% for month and YTD performance remained -38.71%.

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