CVB Financial (NASDAQ:CVBF) Price Target Cut to $19.00

CVB Financial (NASDAQ:CVBF) had its price target trimmed by Keefe, Bruyette & Woods from $20.00 to $19.00 in a report issued on Friday, Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the stock. Stephens reissued an equal weight rating and issued a $20.00 price target on shares of CVB Financial in a report on Thursday. Wedbush reissued a neutral rating and issued a $19.00 target price on shares of CVB Financial in a research note on Thursday. StockNews.com raised CVB Financial to a sell rating in a research note on Friday, January 5th. Finally, Hovde Group lowered CVB Financial from an outperform rating to a market perform rating and set a $18.00 price objective on the stock. in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $19.00.

CVB Financial Price Performance

CVB Financial stock opened at $16.48 on Friday. CVB Financial has a one year low of $10.66 and a one year high of $21.77. The firm has a market capitalization of $2.30 billion, a P/E ratio of 10.84 and a beta of 0.46. The business has a fifty day moving average price of $16.98 and a 200-day moving average price of $17.70.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, hitting the consensus estimate of $0.35. CVB Financial had a return on equity of 10.84% and a net margin of 30.93%. The business had revenue of $126.57 million during the quarter, compared to analysts’ expectations of $127.46 million. During the same period in the previous year, the business earned $0.42 earnings per share. The firm’s revenue was down 8.9% on a year-over-year basis. Sell-side analysts expect that CVB Financial will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Wednesday, April 3rd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.80 annualized dividend and a yield of 4.85%. CVB Financial’s payout ratio is currently 52.63%.

Insider Buying and Selling at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. bought 59,601 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were bought at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the purchase, the director now directly owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director George A. Borba, Jr. acquired 59,601 shares of CVB Financial stock in a transaction on Tuesday, February 6th. The shares were acquired at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the transaction, the director now owns 626,311 shares in the company, valued at $10,509,498.58. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO E Allen Nicholson bought 2,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was bought at an average cost of $16.77 per share, with a total value of $33,540.00. Following the completion of the transaction, the chief financial officer now owns 92,310 shares in the company, valued at approximately $1,548,038.70. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 63,601 shares of company stock worth $1,067,145. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CVB Financial

Institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of CVB Financial by 6.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,594,323 shares of the financial services provider’s stock worth $59,558,000 after acquiring an additional 213,038 shares in the last quarter. Equitable Trust Co. lifted its holdings in shares of CVB Financial by 8.3% during the third quarter. Equitable Trust Co. now owns 26,074 shares of the financial services provider’s stock valued at $432,000 after purchasing an additional 1,994 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new position in shares of CVB Financial during the third quarter valued at approximately $1,243,000. Victory Capital Management Inc. boosted its position in shares of CVB Financial by 904.1% in the 3rd quarter. Victory Capital Management Inc. now owns 416,953 shares of the financial services provider’s stock worth $6,909,000 after purchasing an additional 375,426 shares in the last quarter. Finally, GSA Capital Partners LLP grew its stake in shares of CVB Financial by 3.3% in the 3rd quarter. GSA Capital Partners LLP now owns 96,122 shares of the financial services provider’s stock worth $1,593,000 after buying an additional 3,112 shares during the last quarter. Institutional investors own 74.18% of the company’s stock.

About CVB Financial

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.