CVB Financial (NASDAQ:CVBF) Upgraded at Zacks Investment Research

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CVB Financial (NASDAQ:CVBF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, Zacks.com reports. The firm currently has a $24.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.76% from the company’s current price.

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. “

Separately, BidaskClub lowered CVB Financial from a “hold” rating to a “sell” rating in a research report on Saturday, January 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. CVB Financial has a consensus rating of “Hold” and a consensus target price of $23.00.

NASDAQ:CVBF opened at $21.29 on Monday. The business’s 50-day moving average is $21.53 and its two-hundred day moving average is $21.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.86 and a quick ratio of 0.86. CVB Financial has a 12 month low of $19.83 and a 12 month high of $23.18. The firm has a market capitalization of $3.05 billion, a PE ratio of 14.88 and a beta of 1.07.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). CVB Financial had a net margin of 38.37% and a return on equity of 10.45%. The company had revenue of $120.10 million during the quarter, compared to analysts’ expectations of $122.35 million. During the same period last year, the business earned $0.30 earnings per share. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities analysts anticipate that CVB Financial will post 1.47 EPS for the current year.

In other CVB Financial news, CEO Christopher D. Myers sold 16,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $21.16, for a total value of $349,140.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 5.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE increased its position in shares of CVB Financial by 1.9% during the second quarter. US Bancorp DE now owns 27,986 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 515 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of CVB Financial by 2.0% during the third quarter. Nisa Investment Advisors LLC now owns 26,520 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 530 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of CVB Financial by 1.8% during the third quarter. Envestnet Asset Management Inc. now owns 30,807 shares of the financial services provider’s stock worth $643,000 after acquiring an additional 558 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of CVB Financial by 2.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 36,580 shares of the financial services provider’s stock worth $769,000 after acquiring an additional 703 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its position in shares of CVB Financial by 0.7% during the fourth quarter. Wedge Capital Management L L P NC now owns 129,112 shares of the financial services provider’s stock worth $2,786,000 after acquiring an additional 873 shares during the last quarter. 66.85% of the stock is currently owned by institutional investors and hedge funds.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking and financial products and services. The company offers checking, savings, and money market accounts, as well as time certificates of deposit; and serves as a federal tax depository for business customers.

Further Reading: Equal Weight Rating

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