Piper Sandler Lowers CVB Financial (NASDAQ:CVBF) Price Target to $24.00

CVB Financial (NASDAQ:CVBF) had its target price cut by stock analysts at Piper Sandler from $25.00 to $24.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target points to a potential upside of 31.34% from the stock’s current price.

Separately, Stephens cut their price target on CVB Financial from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $23.50.

CVB Financial Price Performance

CVB Financial stock traded down $0.19 during trading hours on Monday, hitting $18.27. The company had a trading volume of 203,863 shares, compared to its average volume of 808,713. The firm’s fifty day moving average is $18.51 and its 200-day moving average is $20.30. The firm has a market capitalization of $2.54 billion, a P/E ratio of 12.72 and a beta of 0.62. CVB Financial has a fifty-two week low of $15.75 and a fifty-two week high of $24.58.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The business had revenue of $126.67 million during the quarter, compared to analyst estimates of $124.45 million. CVB Financial had a return on equity of 9.35% and a net margin of 29.32%. During the same period in the previous year, the company earned $0.35 EPS. Analysts anticipate that CVB Financial will post 1.41 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVBF. Capital Research Global Investors bought a new position in CVB Financial in the 4th quarter valued at $94,382,000. Massachusetts Financial Services Co. MA acquired a new position in shares of CVB Financial during the fourth quarter valued at $31,064,000. Norges Bank bought a new position in CVB Financial in the fourth quarter valued at about $27,724,000. Victory Capital Management Inc. increased its position in CVB Financial by 210.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,487,997 shares of the financial services provider’s stock worth $31,858,000 after purchasing an additional 1,009,146 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in CVB Financial by 29.7% in the first quarter. Parallel Advisors LLC now owns 3,822,248 shares of the financial services provider’s stock valued at $70,559,000 after buying an additional 874,631 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

CVB Financial Company Profile

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.