Civista Bancshares assumed with a Neutral at Piper Sandler

Piper Sandler analyst Brendan Nosal assumed coverage of Civista Bancshares with a Neutral rating and $18 price target. The Civista Bancshares story has been defined by healthy organic growth supplemented by M&A while maintaining strong credit quality, the latter an important feature in today’s environment, the firm notes. With that, the funding landscape remains challenging, and so growth is expected to moderate with a 96% L/D ratio and a sub-peer TCE ratio of 6.4% serving as limiting factors, Piper says.