CVB Financial (NASDAQ:CVBF) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of CVB Financial (NASDAQ:CVBF) from a sell rating to a hold rating in a report issued on Saturday.

CVBF has been the subject of several other research reports. Stephens raised shares of CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price objective for the company in a report on Thursday, August 6th. DA Davidson lifted their target price on CVB Financial from $22.50 to $25.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Raymond James Financial upgraded CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research report on Wednesday, July 1st. Weiss Ratings raised CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Finally, Piper Sandler raised their price target on CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.25.

CVB Financial Trading Down 0.4%

Shares of CVBF opened at $23.15 on Friday. The firm has a market cap of $4.07 billion, a P/E ratio of 15.97 and a beta of 0.65. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.77 and a quick ratio of 0.77. CVB Financial has a 1 year low of $17.94 and a 1 year high of $23.41. The company has a 50 day simple moving average of $22.30 and a two-hundred day simple moving average of $20.80.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.The company had revenue of $179.43 million during the quarter, compared to analysts’ expectations of $184.62 million. During the same period last year, the firm posted $0.36 EPS. On average, equities analysts expect that CVB Financial will post 1.72 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial’s payout ratio is presently 55.17%.

Insider Buying and Selling

In related news, Director Brien Raymond V. O. III purchased 20,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was bought at an average cost of $22.77 per share, for a total transaction of $455,400.00. Following the completion of the transaction, the director directly owned 85,780 shares in the company, valued at $1,953,210.60. This represents a 30.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO David C. Harvey sold 40,000 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total transaction of $917,600.00. Following the completion of the sale, the chief operating officer directly owned 98,149 shares in the company, valued at approximately $2,251,538.06. This represents a 28.95% decrease in their position. The SEC filing for this sale provides additional information. 6.40% of the stock is currently owned by insiders.

Institutional Trading of CVB Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in CVB Financial by 28.7% in the first quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock worth $698,000 after purchasing an additional 8,432 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of CVB Financial by 36.6% during the first quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock valued at $895,000 after buying an additional 12,992 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of CVB Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider’s stock worth $1,456,000 after acquiring an additional 3,442 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in CVB Financial by 848.1% during the 1st quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 13,527 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in CVB Financial by 9.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider’s stock valued at $8,458,000 after acquiring an additional 38,250 shares during the period. 74.18% of the stock is owned by hedge funds and other institutional investors.

About CVB Financial

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.