CVB Financial Corporation (NASDAQ:CVBF) Receives $24.30 Average PT from Analysts

CVB Financial Corporation (NASDAQ:CVBF) has been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $24.30.

CVBF has been the subject of a number of research analyst reports. Raymond James Financial upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research note on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of CVB Financial in a research note on Wednesday, July 8th. Stephens reissued an “equal weight” rating and set a $23.00 price objective on shares of CVB Financial in a report on Tuesday, June 16th. Finally, Piper Sandler boosted their target price on shares of CVB Financial from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th.

CVB Financial Trading Up 2.6%

Shares of CVBF opened at $23.30 on Friday. CVB Financial has a one year low of $17.94 and a one year high of $23.37. The stock has a 50-day moving average price of $21.18 and a 200 day moving average price of $20.29. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $4.11 billion, a P/E ratio of 15.33 and a beta of 0.65.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.38. CVB Financial had a return on equity of 9.16% and a net margin of 32.05%.The company had revenue of $132.12 million for the quarter, compared to the consensus estimate of $162.29 million. During the same period in the previous year, the business earned $0.36 EPS. Sell-side analysts forecast that CVB Financial will post 1.63 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 23rd. Investors of record on Thursday, July 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, July 9th. CVB Financial’s payout ratio is currently 52.63%.

Insider Transactions at CVB Financial

In other news, Director George A. Borba, Jr. bought 25,187 shares of CVB Financial stock in a transaction on Tuesday, May 19th. The shares were bought at an average price of $19.85 per share, with a total value of $499,961.95. Following the acquisition, the director directly owned 846,308 shares in the company, valued at approximately $16,799,213.80. This represents a 3.07% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.40% of the stock is owned by insiders.

Institutional Trading of CVB Financial

Institutional investors and hedge funds have recently modified their holdings of the business. Revolve Wealth Partners LLC bought a new stake in CVB Financial in the second quarter valued at $303,000. Hennion & Walsh Asset Management Inc. bought a new position in shares of CVB Financial during the second quarter worth about $654,000. GAMMA Investing LLC increased its holdings in shares of CVB Financial by 44.8% in the 2nd quarter. GAMMA Investing LLC now owns 9,519 shares of the financial services provider’s stock worth $215,000 after acquiring an additional 2,943 shares during the period. Bank of America Corp DE increased its holdings in shares of CVB Financial by 28.1% in the 1st quarter. Bank of America Corp DE now owns 925,555 shares of the financial services provider’s stock worth $17,947,000 after acquiring an additional 202,857 shares during the period. Finally, Amundi bought a new stake in CVB Financial in the 1st quarter valued at about $536,000. 74.18% of the stock is owned by institutional investors and hedge funds.

About CVB Financial

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.