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Civista (CIVB) Rewards Shareholders With New Buyback Plan
Civista Bancshares, Inc. (CIVB - Free Report) has announced a new share-repurchase plan. Under the program, the board of directors of this Sandusky, OH-based bank has authorized the buyback of up to an aggregate $13.5 million of its outstanding shares. The plan will expire on Aug 10, 2022.
This new repurchase plan replaced the previous authorization on Apr 20, to buy back $13.5 million shares.
Dennis G. Shaffer, Civista’s president and CEO said, "The repurchase program authorized by the Board in April 2021 has been well utilized and was nearly depleted. This new authorization will allow us to continue our efforts and to continue delivering value to our shareholders."
In addition to the share repurchases, the company pays regular quarterly dividends. On Jul 9, Civista announced a quarterly dividend of 14 cents per share, marking a 17% hike from the previous payout. The dividend was paid out on Aug 2, to shareholders of record as of Jul 20, 2021.
Considering the last day’s closing price of $23.81 per share, the dividend yield currently stands at 2.35%.
Civista’s improving times interest earned and total debt-total capital ratios, along with its earning strength, indicates that its capital deployments seem sustainable and will continue to enhance shareholder value. However, low interest rates and high debt burden are expected to keep hurting its financials in the near term.
Shares of Civista have rallied 24.2% over the past six months, outperforming the industry’s growth of 4.6%.
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Banks That Took Similar Action
Over the past few months, several banks have announced new share-repurchase programs. Some of these are Cathay General Bancorp (CATY - Free Report) , Amerant Bancorp Inc. (AMTB - Free Report) and City Holding Company (CHCO - Free Report) .
Cathay General’s board of directors authorized the repurchase of shares worth up to $75 million this year. Amerant Bancorp announced a new share-repurchase program authorizing $40 million worth of its Class B common stock. Further, City Holding’s board of directors has authorized the buyback of up to 1 million shares, with no expiration date.