CVB Financial (CVBF) Rating Lowered to Hold at Zacks Investment Research
CVB Financial (NASDAQ:CVBF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “CVB Financial Corp. is a bank holding company. CVB’s principal business is to serve as a holding company for the Bank, Community, Ventures, and for other banking or banking related subsidiaries which the Company may establish or acquire. Through its network of banking offices, the Bank emphasizes personalized service combined with offering a full range of banking and trust services to businesses, professionals and individuals located in the service areas of its offices. “
Other analysts have also recently issued reports about the stock. ValuEngine upgraded shares of CVB Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Piper Jaffray Companies restated a “hold” rating on shares of CVB Financial in a research note on Friday, October 6th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $23.20.
CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, October 18th. The financial services provider reported $0.27 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.27. The company had revenue of $81.78 million for the quarter, compared to analysts’ expectations of $81.78 million. CVB Financial had a net margin of 35.60% and a return on equity of 10.89%. During the same period in the prior year, the company posted $0.23 EPS. sell-side analysts anticipate that CVB Financial will post 1.06 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of CVBF. BlackRock Inc. lifted its stake in CVB Financial by 48,056.5% in the 1st quarter. BlackRock Inc. now owns 12,385,851 shares of the financial services provider’s stock worth $273,605,000 after purchasing an additional 12,360,131 shares in the last quarter. FMR LLC lifted its stake in CVB Financial by 14.0% in the 4th quarter. FMR LLC now owns 7,821,910 shares of the financial services provider’s stock worth $179,357,000 after purchasing an additional 960,800 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in CVB Financial by 12.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 7,696,179 shares of the financial services provider’s stock worth $135,530,000 after purchasing an additional 839,828 shares in the last quarter. State Street Corp lifted its stake in CVB Financial by 28.0% in the 4th quarter. State Street Corp now owns 3,284,747 shares of the financial services provider’s stock worth $75,318,000 after purchasing an additional 718,896 shares in the last quarter. Finally, Norges Bank purchased a new stake in CVB Financial in the 4th quarter worth approximately $11,803,000. Institutional investors and hedge funds own 69.37% of the company’s stock.
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CVB Financial 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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