CVB Financial (NASDAQ:CVBF) Downgraded to Market Perform at Hovde Group

Hovde Group cut shares of CVB Financial (NASDAQ:CVBF) from an outperform rating to a market perform rating in a report issued on Monday morning, Marketbeat reports. They currently have $18.00 price objective on the financial services provider’s stock.

CVBF has been the topic of several other research reports. StockNews.com raised CVB Financial to a sell rating in a report on Friday, January 5th. Wedbush reduced their target price on shares of CVB Financial from $22.00 to $21.00 and set a neutral rating for the company in a research note on Thursday, January 25th. Finally, Keefe, Bruyette & Woods cut their price target on CVB Financial from $22.00 to $20.00 and set a market perform rating on the stock in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, CVB Financial currently has an average rating of Hold and an average price target of $20.00.

CVB Financial Price Performance

CVB Financial stock opened at $16.47 on Monday. The company has a market cap of $2.30 billion, a PE ratio of 10.36 and a beta of 0.46. CVB Financial has a 12 month low of $10.66 and a 12 month high of $21.77. The company has a fifty day moving average price of $17.01 and a two-hundred day moving average price of $17.70.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $138.52 million during the quarter, compared to the consensus estimate of $134.88 million. CVB Financial had a net margin of 33.26% and a return on equity of 11.50%. Equities research analysts anticipate that CVB Financial will post 1.43 earnings per share for the current year.

CVB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Wednesday, April 3rd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.86%. CVB Financial’s dividend payout ratio (DPR) is 50.31%.

Insider Activity at CVB Financial

In other news, Director George A. Borba, Jr. purchased 59,601 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was purchased at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the purchase, the director now owns 626,311 shares in the company, valued at approximately $10,509,498.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CVB Financial news, Director George A. Borba, Jr. purchased 59,601 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was bought at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the acquisition, the director now owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David A. Brager acquired 2,000 shares of CVB Financial stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average price of $16.75 per share, with a total value of $33,500.00. Following the transaction, the chief executive officer now owns 152,814 shares in the company, valued at approximately $2,559,634.50. The disclosure for this purchase can be found here. Insiders have purchased 63,601 shares of company stock worth $1,067,145 over the last quarter. 6.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Strs Ohio acquired a new stake in shares of CVB Financial during the fourth quarter worth $36,000. GAMMA Investing LLC purchased a new stake in CVB Financial during the fourth quarter valued at about $102,000. Headlands Technologies LLC acquired a new position in shares of CVB Financial in the fourth quarter worth about $122,000. Assetmark Inc. increased its position in shares of CVB Financial by 141.5% in the fourth quarter. Assetmark Inc. now owns 8,598 shares of the financial services provider’s stock worth $174,000 after acquiring an additional 5,038 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of CVB Financial by 11.2% during the third quarter. Covestor Ltd now owns 8,761 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 885 shares during the period. Institutional investors own 74.18% of the company’s stock.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.