Wedbush Reaffirms “Neutral” Rating for CVB Financial (NASDAQ:CVBF)

Wedbush reiterated their neutral rating on shares of CVB Financial (NASDAQ:CVBF) in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a $19.00 price target on the financial services provider’s stock. Wedbush also issued estimates for CVB Financial’s Q2 2024 earnings at $0.34 EPS, Q3 2024 earnings at $0.37 EPS, Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $1.43 EPS, Q1 2025 earnings at $0.37 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.40 EPS and Q4 2025 earnings at $0.40 EPS.

CVBF has been the subject of a number of other reports. Keefe, Bruyette & Woods lowered their price target on 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. StockNews.com raised CVB Financial to a sell rating in a research note on Friday, January 5th. Finally, Hovde Group cut CVB Financial from an outperform rating to a market perform rating and set a $18.00 target price for the company. in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $19.00.

CVB Financial Price Performance

Shares of CVBF stock opened at $16.48 on Thursday. The stock has a market cap of $2.30 billion, a PE ratio of 10.84 and a beta of 0.46. The stock has a 50-day moving average of $16.98 and a 200-day moving average of $17.71. CVB Financial has a one year low of $10.66 and a one year high of $21.77.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, meeting analysts’ consensus estimates of $0.35. The company had revenue of $126.57 million during the quarter, compared to analysts’ expectations of $127.46 million. CVB Financial had a return on equity of 10.84% and a net margin of 30.93%. CVB Financial’s revenue was down 8.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 EPS. As a group, research analysts anticipate that CVB Financial will post 1.41 earnings per share for the current year.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Wednesday, April 3rd were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 4.85%. CVB Financial’s payout ratio is 52.63%.

Insider Transactions at CVB Financial

In other CVB Financial news, CFO E Allen Nicholson purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was bought at an average cost of $16.77 per share, with a total value of $33,540.00. Following the purchase, the chief financial officer now directly owns 92,310 shares of the company’s stock, valued at $1,548,038.70. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other CVB Financial news, CFO E Allen Nicholson purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was bought at an average cost of $16.77 per share, with a total value of $33,540.00. Following the purchase, the chief financial officer now directly owns 92,310 shares of the company’s stock, valued at $1,548,038.70. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director George A. Borba, Jr. purchased 59,601 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the purchase, the director now directly owns 626,311 shares in the company, valued at $10,509,498.58. The disclosure for this purchase can be found here. Insiders acquired 63,601 shares of company stock valued at $1,067,145 in the last ninety days. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CVB Financial

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in shares of CVB Financial in the 3rd quarter valued at approximately $1,987,000. Raymond James & Associates boosted its holdings in shares of CVB Financial by 102.3% in the 3rd quarter. Raymond James & Associates now owns 34,744 shares of the financial services provider’s stock valued at $576,000 after buying an additional 17,566 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of CVB Financial by 9.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,094,313 shares of the financial services provider’s stock valued at $34,703,000 after buying an additional 183,583 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in CVB Financial by 5.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,924 shares of the financial services provider’s stock valued at $1,192,000 after purchasing an additional 4,039 shares during the last quarter. Finally, Yousif Capital Management LLC lifted its holdings in CVB Financial by 6.1% during the 3rd quarter. Yousif Capital Management LLC now owns 66,617 shares of the financial services provider’s stock valued at $1,104,000 after purchasing an additional 3,841 shares during the last quarter. 74.18% of the stock is owned by institutional investors.

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.