Civista Bancshares Q2 profit rises 30%, interest margin expands

The current average analyst rating on the shares is buy, with 3 strong buy or buy ratings, 3 hold ratings and no sell or strong sell ratings.

The average consensus recommendation for the banks peer group is also buy. Wall Street’s median 12-month price target for Civista Bancshares Inc is $29.00, about 2.9% above its July 22 closing price of $28.17. The stock recently traded at 10 times next 12-month earnings, versus a P/E of 9 three months ago.

The company said the margin expansion was driven by lower funding costs and disciplined deposit pricing.

Higher gains on loan sales, increased lease revenue, and higher service charges also boosted non-interest income. The efficiency ratio improved as net interest and non-interest income rose, while expenses increased only modestly.

Civista did not provide specific guidance for future quarters or the full year.

The company said it will transition to a new CEO in , as previously announced.