CVB Financial Corp. (CVBF) Stock Rating Upgraded by Hovde Group
CVB Financial Corp. (NASDAQ:CVBF) was upgraded by Hovde Group from an “underperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday. The firm presently has a $21.00 price target on the financial services provider’s stock. Hovde Group’s target price indicates a potential upside of 2.29% from the company’s previous close.
A number of other research firms have also commented on CVBF. Zacks Investment Research lowered shares of CVB Financial Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, January 24th. Piper Jaffray Companies cut their price objective on shares of CVB Financial Corp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Monday, April 17th. Five research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus price target of $20.80.
Shares of CVB Financial Corp. (NASDAQ:CVBF) opened at 20.53 on Friday. CVB Financial Corp. has a one year low of $15.25 and a one year high of $24.63. The company has a market cap of $2.26 billion, a P/E ratio of 20.95 and a beta of 1.47. The stock’s 50 day moving average is $21.40 and its 200-day moving average is $21.90.
CVB Financial Corp. (NASDAQ:CVBF) last released its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.01. CVB Financial Corp. had a net margin of 33.74% and a return on equity of 10.25%. The company had revenue of $74.16 million during the quarter, compared to analyst estimates of $77.30 million. During the same period last year, the business earned $0.22 earnings per share. Equities research analysts forecast that CVB Financial Corp. will post $1.07 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 19th. Stockholders of record on Wednesday, April 5th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, April 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.34%. CVB Financial Corp.’s dividend payout ratio (DPR) is currently 51.61%.
In other CVB Financial Corp. news, EVP David A. Brager sold 2,000 shares of CVB Financial Corp. stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $22.13, for a total transaction of $44,260.00. Following the completion of the sale, the executive vice president now directly owns 43,013 shares in the company, valued at $951,877.69. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Guercio Stephen A. Del sold 3,000 shares of CVB Financial Corp. stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $23.48, for a total transaction of $70,440.00. Following the sale, the director now owns 19,000 shares of the company’s stock, valued at $446,120. The disclosure for this sale can be found here. Insiders own 7.80% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Cutler Capital Management LLC bought a new stake in shares of CVB Financial Corp. during the first quarter valued at about $120,000. Bank of Montreal Can raised its stake in shares of CVB Financial Corp. by 8.6% in the first quarter. Bank of Montreal Can now owns 8,161 shares of the financial services provider’s stock valued at $180,000 after buying an additional 649 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of CVB Financial Corp. by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 11,180 shares of the financial services provider’s stock valued at $246,000 after buying an additional 310 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of CVB Financial Corp. during the fourth quarter valued at about $251,000. Finally, OppenheimerFunds Inc. bought a new stake in shares of CVB Financial Corp. during the first quarter valued at about $253,000. Institutional investors and hedge funds own 66.76% of the company’s stock.
CVB Financial Corp. Company Profile
CVB Financial Corp. (CVB) is the bank holding company for Citizens Business Bank (the Bank). The Bank operates through two segments: Business Financial and Commercial Banking Centers (Centers), and Other Operations. The Company’s administrative and other smaller operating departments are combined into the Other segment.
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