TL;DR
Eight company insiders purchase over $260,000 in shares during public offering.
July 16, 2025
Civista Bancshares (NASDAQ: CIVB) witnessed an unusual display of executive confidence last week as eight company insiders simultaneously purchased shares during a coordinated buying campaign.
The purchases, totaling $260,142 across 12,242 shares, occurred on July 11, 2025, as part of the bank’s underwritten public offering that closed three days later.
Purchase Details
The buying activity included participation from the company’s highest levels, including:
- CEO and President Dennis G. Shaffer led by example with a $21,250 purchase of 1,000 shares
- Senior Vice President Richard J. Dutton made the largest individual investment, acquiring 4,000 shares for $85,000
- Subsidiary Director Perfect Clyde A Jr. purchased 2,352 shares for $49,980
- Director Darci L. Congrove acquired 1,250 shares totaling $26,562
- Senior Vice President Michael D. Mulford purchased 1,000 shares for $21,250
- Senior Vice President Lance A. Morrison acquired 1,000 shares for $21,250
- Senior Vice President Charles A. Parcher bought 1,000 shares for $21,250
- Director Mark J. Macioce purchased 640 shares for $13,600
Notably, all transactions occurred at the identical price of $21.25 per share, reflecting the structured nature of the public offering.
Market Context
The coordinated purchasing comes during a challenging period for the regional bank’s stock price.
Shares had declined 12.8% over the previous week, presenting what company leadership apparently viewed as an attractive entry point.
The stock currently trades around $21.50, suggesting the insiders bought near current market levels.
Financial Performance
Civista’s recent financial performance provides context for management’s bullish stance.
The company reported impressive first-quarter 2025 results, with earnings per share of $0.66 significantly exceeding analyst expectations of $0.51.
Revenue also surpassed projections, reaching $40.63 million compared to forecasts of $40.33 million.
Strategic Initiatives
The Ohio-based bank has been actively pursuing growth strategies, recently announcing plans to acquire The Farmers Savings Bank in a $70.4 million cash and stock transaction expected to close in the fourth quarter.
This acquisition will expand Civista’s presence in Northeast Ohio, adding $183 million in low-cost core deposits and $104 million in net loans to the company’s portfolio.
Analyst Outlook
Wall Street analysts maintain optimistic price targets for the stock, with projections ranging from $24 to $28, suggesting potential upside of 12% to 30% from current levels.
DA Davidson recently adjusted its price target to $26 while maintaining a Buy rating, and Stephens raised its target to $25 following the bank’s strong quarterly performance.
The company’s fundamentals appear solid, with a modest price-to-earnings ratio of 9.4x and a consistent dividend track record spanning 14 consecutive years of increases.
The current dividend yield stands at 3.1%, providing income appeal alongside potential capital appreciation.
Conclusion
Piper Sandler & Co. served as the sole book-running manager for the public offering, which company management indicated would support organic growth initiatives and future strategic transactions.
The coordinated insider purchasing suggests leadership views the recent stock weakness as temporary, positioning themselves alongside shareholders during the equity raise.
The simultaneous nature of the executive purchases, combined with the company’s recent strong earnings and strategic acquisition plans, signals management’s confidence in Civista’s growth trajectory despite near-term market headwinds.