CVB Financial Corp. Receives Neutral Rating from DA Davidson (CVBF)
CVB Financial Corp. (NASDAQ:CVBF)‘s stock had its “neutral” rating restated by analysts at DA Davidson in a research report issued to clients and investors on Friday, Analyst Ratings News reports. They currently have a $16.00 target price on the stock, up from their previous target price of $14.00. DA Davidson’s price objective would indicate a potential upside of 10.27% from the company’s current price.
The analysts wrote, “Maintaining NEUTRAL rating and increasing price target from $14 to $16, representing a 2.2x multiple on 2014E TBV of $7.44 and 16.5x our revised 2014 EPS estimate of $0.96. Our price target multiples represent a premium to other institutions in our mid-cap coverage universe given CVBF’s above peer profitability metrics. With an improvement in 3Q loan growth, we are more positive on the outlook for the company over the next 12-18 months. While the bank has not announced a transaction, we believe it is well-positioned to be a buyer given strong capital, low credit costs, and an improved stock currency. CVBF reported 3Q13 GAAP EPS of $0.23, including a $0.02 benefit from insurance reimbursements for legal costs. Excluding the benefit, EPS was $0.21, in line with our estimate (and the Street mean estimate). The quarter also included a larger than expected negative provision of $3.8 million (~$0.03). Higher bonus accruals offset a portion of the benefit of these two line items.”
Separately, analysts at Sandler O’Neill raised their price target on shares of CVB Financial Corp. from $14.00 to $15.00 in a research note to investors on Thursday. They now have a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $14.00.
Shares of CVB Financial Corp. (NASDAQ:CVBF) traded up 1.24% on Friday, hitting $14.69. The stock had a trading volume of 80,461 shares. CVB Financial Corp. has a 52 week low of $9.43 and a 52 week high of $13.76. The stock’s 50-day moving average is $13.18 and its 200-day moving average is $11.84. The company has a market cap of $1.542 billion and a P/E ratio of 19.63.
CVB Financial Corp. (NASDAQ:CVBF) last announced its earnings results on Wednesday, October 23rd. The company reported $0.23 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.23. During the same quarter last year, the company posted $0.09 earnings per share. On average, analysts predict that CVB Financial Corp. will post $0.86 earnings per share for the current fiscal year.
CVB Financial Corp. (NASDAQ:CVBF) is a bank holding company of Citizens Business Bank (the Bank).
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