Janney Montgomery Scott Downgrades CVB Financial (NASDAQ:CVBF) to Neutral

Janney Montgomery Scott lowered shares of CVB Financial (NASDAQ:CVBF) from a buy rating to a neutral rating in a research report sent to investors on Wednesday, MarketBeat.com reports.

A number of other research firms have also recently issued reports on CVBF. 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. Stephens reaffirmed an equal weight rating and set a $20.00 price target on shares of CVB Financial in a research note on Thursday, April 25th. Wedbush reaffirmed a neutral rating and set a $19.00 price target on shares of CVB Financial in a research note on Thursday, April 25th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of CVB Financial from $20.00 to $19.00 and set a market perform rating for the company in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, CVB Financial presently has an average rating of Hold and an average target price of $19.00.

CVB Financial Stock Performance

NASDAQ CVBF opened at $16.30 on Wednesday. The business has a 50 day simple moving average of $16.87 and a 200 day simple moving average of $17.83. CVB Financial has a 52-week low of $11.83 and a 52-week high of $21.77. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of 10.72 and a beta of 0.47.

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

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.91%. The ex-dividend date was Tuesday, April 2nd. CVB Financial’s payout ratio is presently 52.63%.

Institutional Investors Weigh In On CVB Financial

Several large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of CVB Financial by 4.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 105,803 shares of the financial services provider’s stock valued at $1,888,000 after buying an additional 4,744 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of CVB Financial by 1.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 114,509 shares of the financial services provider’s stock valued at $2,041,000 after buying an additional 1,396 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of CVB Financial by 7.3% in the 1st quarter. Bessemer Group Inc. now owns 539,730 shares of the financial services provider’s stock valued at $9,629,000 after buying an additional 36,894 shares during the last quarter. Edgestream Partners L.P. boosted its holdings in shares of CVB Financial by 23.3% in the 1st quarter. Edgestream Partners L.P. now owns 96,327 shares of the financial services provider’s stock valued at $1,718,000 after buying an additional 18,228 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its holdings in shares of CVB Financial by 50.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 56,994 shares of the financial services provider’s stock valued at $951,000 after buying an additional 18,990 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.