Is Civista Bancshares Inc (NASDAQ:CIVB) the Best Financial Dividend Stock Insiders are Buying in 2024? - InvestingChannel

Is Civista Bancshares Inc (NASDAQ:CIVB) the Best Financial Dividend Stock Insiders are Buying in 2024?

Civista Bancshares Inc (NASDAQ:CIVB)

Number of Hedge Fund Investors: 10

Ohio-based community banking services company Civista Bancshares Inc (NASDAQ:CIVB) operates in North Central, West Central, South Western Ohio, South Eastern Indiana, and Northern Kentucky. The stock has an attractive dividend yield of over 4% and PE ratio of 6.31.

On May 8, Michael D. Mulford, a Senior Vice President at Civista Bancshares, Inc., bought 1,000 shares of Civista Bancshares Inc (NASDAQ:CIVB) at $13.97 per share. The total value of this transaction was $13,970. Since then, the Ohio-based banking company’s stock has inched up about 1.7%. It has a dividend yield of about 4.3%.

The company has about $3.86 billion worth of total assets and $2.98 billion in deposits. The bank’s biggest revenue stream is interest from loans. Interest from loans accounted for about a whopping 73.1% of total revenue of the bank last year.

Insider Monkey’s database of 933 hedge funds shows that 10 hedge funds had stakes in Civista Bancshares Inc (NASDAQ:CIVB) as of the end of last year. Anton Schutz’s Mendon Capital Advisors owns a $3.8 million stake in Civista Bancshares Inc (NASDAQ:CIVB).

Earlier this month, Civista’s management talked about its dividends and financial situation during its latest earnings call:

“Earlier, we announced a quarterly dividend of $0.16 per share. Based on our March 29th share price, this represents a 4.16% yield and a dividend payout ratio of 42.11%. Our efficiency ratio for the quarter was 73.8%, compared to 64.3% for the linked quarter.

However, if we were to back out the depreciation expense related to our operating leases from our leasing group, our efficiency ratio would have been 70% for the quarter and 60% for the linked quarter. During the quarter, non-interest income declined $319,000 or 3.6% in comparison to the linked quarter and $2.6 million or 23.2% in comparison to the prior year first quarter. The primary drivers of the decrease from our linked quarter were declines in service charges due to the previously mentioned changes to how we were processing overdrafts and a $418,000 decline in swap fee income. These declines were offset by increases in other non-interest income, which included increases of $182,000 in fees related to leases and $289,000 in income from our captive insurance subsidiary. [read the full earnings call transcript here]”

Despite this positive sentiment, is Civista Bancshares Inc (NASDAQ:CIVB) the best financial dividend stock insiders are buying in 2024? Does it make sense for individual investors to buy Civista Bancshares Inc (NASDAQ:CIVB) right now?

Civista Bancshares Inc (NASDAQ:CIVB) ranks 4th on our list of the 10 Best Financial Dividend Stocks Insiders are Buying in 2024. Click to see the 3 Financial Dividend Stocks Better Than Civista Bancshares Inc (NASDAQ:CIVB).


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