CVB Financial’s (CVBF) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their market perform rating on shares of CVB Financial (NASDAQ:CVBF) in a research report report published on Friday morning, Benzinga reports. The brokerage currently has a $20.00 price objective on the financial services provider’s stock, up from their previous price objective of $19.00.

A number of other research firms have also recently commented on CVBF. Janney Montgomery Scott cut shares of CVB Financial from a buy rating to a neutral rating in a report on Wednesday, May 22nd. Stephens reiterated an equal weight rating and set a $20.00 target price on shares of CVB Financial in a report on Thursday, April 25th. Wedbush increased their target price on shares of CVB Financial from $18.00 to $21.00 and gave the stock a neutral rating in a report on Thursday, July 25th. Finally, Hovde Group cut shares of CVB Financial from an outperform rating to a market perform rating and set a $18.00 target price on the stock. in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of $20.00.

CVB Financial Trading Down 4.9 %

Shares of CVBF opened at $19.05 on Friday. The company’s fifty day simple moving average is $17.21 and its 200-day simple moving average is $17.24. The company has a market cap of $2.66 billion, a P/E ratio of 12.53 and a beta of 0.47. CVB Financial has a twelve month low of $14.62 and a twelve month high of $21.77.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. The firm had revenue of $125.27 million for the quarter, compared to analysts’ expectations of $126.86 million. CVB Financial had a net margin of 29.58% and a return on equity of 10.41%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 earnings per share. Analysts predict that CVB Financial will post 1.4 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date was Thursday, July 11th. CVB Financial’s dividend payout ratio is currently 52.63%.

Insider Activity

In related news, Director George A. Borba, Jr. acquired 4,610 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was purchased at an average cost of $16.00 per share, with a total value of $73,760.00. Following the transaction, the director now directly owns 665,121 shares of the company’s stock, valued at approximately $10,641,936. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director George A. Borba, Jr. acquired 34,200 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $15.99 per share, with a total value of $546,858.00. Following the transaction, the director now directly owns 660,511 shares of the company’s stock, valued at approximately $10,561,570.89. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director George A. Borba, Jr. acquired 4,610 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was bought at an average cost of $16.00 per share, with a total value of $73,760.00. Following the completion of the transaction, the director now directly owns 665,121 shares in the company, valued at $10,641,936. The disclosure for this purchase can be found here. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

A number of institutional investors have recently bought and sold shares of the business. Innealta Capital LLC purchased a new position in CVB Financial during the 2nd quarter worth approximately $38,000. Panagora Asset Management Inc. raised its position in CVB Financial by 10.7% during the 2nd quarter. Panagora Asset Management Inc. now owns 287,104 shares of the financial services provider’s stock worth $4,950,000 after buying an additional 27,674 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of CVB Financial by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider’s stock worth $1,150,000 after purchasing an additional 1,100 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of CVB Financial by 7.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 56,337 shares of the financial services provider’s stock worth $971,000 after purchasing an additional 4,022 shares during the period. Finally, Blue Trust Inc. acquired a new stake in shares of CVB Financial during the 2nd quarter worth approximately $418,000. 74.18% of the stock is owned by hedge funds and other 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.