Zacks Investment Research upgraded shares of CVB Financial Corp. (NASDAQ:CVBF) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $20.00 price target on the financial services provider’s stock.
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 equities analysts have also issued reports about the company. DA Davidson restated a hold rating and issued a $18.00 target price on shares of CVB Financial Corp. in a research note on Monday, September 26th. Keefe, Bruyette & Woods upped their target price on CVB Financial Corp. from $17.00 to $18.00 and gave the stock a market perform rating in a research note on Tuesday, September 27th. Finally, Hovde Group initiated coverage on CVB Financial Corp. in a research note on Wednesday, June 22nd. They issued a market perform rating and a $17.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. CVB Financial Corp. currently has a consensus rating of Hold and an average target price of $18.25.
Shares of CVB Financial Corp. (NASDAQ:CVBF) remained flat at $17.80 during trading on Tuesday. The stock had a trading volume of 80,408 shares. The company has a 50 day moving average price of $17.38 and a 200-day moving average price of $17.01. CVB Financial Corp. has a 1-year low of $14.02 and a 1-year high of $18.77. The firm has a market capitalization of $1.92 billion, a P/E ratio of 18.18 and a beta of 1.56.
CVB Financial Corp. (NASDAQ:CVBF) last announced its earnings results on Wednesday, July 20th. The financial services provider reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by $0.01. CVB Financial Corp. had a return on equity of 11.07% and a net margin of 34.99%. During the same period in the prior year, the business earned $0.25 earnings per share. Equities analysts anticipate that CVB Financial Corp. will post $0.94 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Monday, October 3rd. CVB Financial Corp.’s payout ratio is currently 48.98%.
In other news, EVP David A. Brager sold 8,000 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $17.08, for a total value of $136,640.00. Following the completion of the transaction, the executive vice president now directly owns 25,113 shares in the company, valued at approximately $428,930.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher D. Myers sold 25,000 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $17.08, for a total value of $427,000.00. Following the completion of the transaction, the chief executive officer now owns 355,052 shares of the company’s stock, valued at $6,064,288.16. The disclosure for this sale can be found here. 7.80% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in CVB Financial Corp. by 77.2% in the second quarter. Victory Capital Management Inc. now owns 6,211 shares of the financial services provider’s stock worth $102,000 after buying an additional 2,706 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of CVB Financial Corp. during the second quarter valued at $123,000. BlackRock Inc. boosted its stake in shares of CVB Financial Corp. by 121.9% in the first quarter. BlackRock Inc. now owns 7,182 shares of the financial services provider’s stock valued at $126,000 after buying an additional 3,945 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management bought a new stake in shares of CVB Financial Corp. during the second quarter valued at $137,000. Finally, Amalgamated Bank boosted its stake in shares of CVB Financial Corp. by 5.4% in the second quarter. Amalgamated Bank now owns 12,018 shares of the financial services provider’s stock valued at $204,000 after buying an additional 615 shares in the last quarter. Hedge funds and other institutional investors own 65.43% of the company’s stock.
CVB Financial Corp. Company Profile
CVB Financial Corp. is the bank holding company for Citizens Business Bank (the Bank). The Bank’s segments include Business Financial and Commercial Banking Centers (Centers), Treasury and Others. The Company’s all administrative and other smaller operating departments are combined into the Other segment.
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