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

Hovde Group downgraded shares of CVB Financial (NASDAQ:CVBF) from an outperform rating to a market perform rating in a report issued on Monday, MarketBeat Ratings reports. Hovde Group currently has $18.00 price target on the financial services provider’s stock.

Several other research analysts have also recently issued reports on the stock. StockNews.com upgraded shares of CVB Financial to a sell rating in a report on Friday, January 5th. Wedbush dropped their target price on shares of CVB Financial from $22.00 to $21.00 and set a neutral rating on the stock in a report on Thursday, January 25th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of CVB Financial from $22.00 to $20.00 and set a market perform rating for the company in a research note on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $20.00.

CVB Financial Price Performance

Shares of CVB Financial stock opened at $17.09 on Monday. CVB Financial has a 1 year low of $10.66 and a 1 year high of $21.77. The firm’s 50-day moving average is $17.02 and its two-hundred day moving average is $17.70. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 10.75 and a beta of 0.46.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. CVB Financial had a net margin of 33.26% and a return on equity of 11.50%. The company had revenue of $138.52 million for the quarter, compared to analysts’ expectations of $134.88 million. On average, equities analysts expect that CVB Financial will post 1.43 earnings per share for the current year.

CVB Financial Dividend Announcement

The firm 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. This represents a $0.80 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date was Tuesday, April 2nd. CVB Financial’s dividend payout ratio is presently 50.31%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On CVB Financial

Institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in CVB Financial in the 4th quarter valued at $36,000. GAMMA Investing LLC acquired a new stake in CVB Financial in the 4th quarter valued at $102,000. Headlands Technologies LLC acquired a new stake in CVB Financial in the 4th quarter valued at $122,000. Assetmark Inc. boosted its stake in CVB Financial by 141.5% during the 4th quarter. Assetmark Inc. now owns 8,598 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 5,038 shares during the last quarter. Finally, Covestor Ltd boosted its stake in CVB Financial by 11.2% during the 3rd quarter. Covestor Ltd now owns 8,761 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 885 shares during the last quarter. Institutional investors and hedge funds own 74.18% of the company’s stock.

About CVB Financial

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.