CVB Financial (NASDAQ:CVBF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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. “
CVBF has been the subject of several other research reports. Sandler O’Neill reiterated a “hold” rating and issued a $24.00 price target on shares of CVB Financial in a report on Thursday, January 4th. ValuEngine cut shares of CVB Financial from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Finally, BidaskClub cut shares of CVB Financial from a “hold” rating to a “sell” rating in a report on Tuesday, January 9th. Eight investment analysts have rated the stock with a hold rating, CVB Financial currently has an average rating of “Hold” and a consensus price target of $23.17.
CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.01. The company had revenue of $83.86 million during the quarter, compared to analysts’ expectations of $82.00 million. CVB Financial had a net margin of 31.70% and a return on equity of 11.06%. During the same quarter in the prior year, the company earned $0.25 earnings per share. equities research analysts forecast that CVB Financial will post 1.27 EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Virginia Retirement Systems ET AL acquired a new position in CVB Financial during the third quarter worth $670,000. Victory Capital Management Inc. boosted its holdings in CVB Financial by 36.5% during the third quarter. Victory Capital Management Inc. now owns 10,082 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 2,698 shares during the last quarter. California Public Employees Retirement System boosted its holdings in CVB Financial by 11.7% during the third quarter. California Public Employees Retirement System now owns 131,172 shares of the financial services provider’s stock worth $3,170,000 after purchasing an additional 13,772 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in CVB Financial by 7.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 557,745 shares of the financial services provider’s stock worth $13,481,000 after purchasing an additional 39,955 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in CVB Financial by 9.0% during the second quarter. Wells Fargo & Company MN now owns 131,133 shares of the financial services provider’s stock worth $2,941,000 after purchasing an additional 10,880 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.
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About CVB Financial
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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