CVB Financial Corp. (CVBF) PT Raised to $18.00
CVB Financial Corp. (NASDAQ:CVBF) had its target price boosted by Keefe, Bruyette & Woods from $17.00 to $18.00 in a report released on Tuesday. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 2.10% from the company’s current price.
A number of other research analysts also recently weighed in on CVBF. Zacks Investment Research upgraded shares of CVB Financial Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, June 22nd. DA Davidson restated a “hold” rating and set a $18.00 price target on shares of CVB Financial Corp. in a report on Monday. Finally, Hovde Group started coverage on shares of CVB Financial Corp. in a report on Wednesday, June 22nd. They set a “market perform” rating and a $17.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, CVB Financial Corp. presently has an average rating of “Hold” and a consensus target price of $18.25.
CVB Financial Corp. (NASDAQ:CVBF) opened at 17.63 on Tuesday. CVB Financial Corp. has a 12 month low of $14.02 and a 12 month high of $18.77. The firm has a market capitalization of $1.90 billion, a P/E ratio of 18.01 and a beta of 1.57. The company’s 50 day moving average price is $17.29 and its 200 day moving average price is $16.99.
CVB Financial Corp. (NASDAQ:CVBF) last released its earnings results on Wednesday, July 20th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by $0.01. CVB Financial Corp. had a return on equity of 11.07% and a net margin of 34.99%. During the same quarter in the previous year, the company posted $0.25 earnings per share. Analysts anticipate that CVB Financial Corp. will post $0.94 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be paid a $0.12 dividend. The ex-dividend date is Monday, October 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 2.72%. CVB Financial Corp.’s payout ratio is presently 48.98%.
In related news, CEO Christopher D. Myers sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $17.76, for a total value of $444,000.00. Following the transaction, the chief executive officer now directly owns 355,052 shares in the company, valued at approximately $6,305,723.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David A. Brager sold 8,000 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $17.08, for a total transaction of $136,640.00. Following the completion of the transaction, the executive vice president now owns 25,113 shares in the company, valued at $428,930.04. The disclosure for this sale can be found here. 7.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CVBF. Norges Bank purchased a new position in CVB Financial Corp. during the fourth quarter worth about $11,803,000. Aperio Group LLC raised its position in CVB Financial Corp. by 39.4% in the first quarter. Aperio Group LLC now owns 28,835 shares of the financial services provider’s stock worth $503,000 after buying an additional 8,150 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in CVB Financial Corp. by 2.4% in the first quarter. TIAA CREF Investment Management LLC now owns 358,593 shares of the financial services provider’s stock worth $6,257,000 after buying an additional 8,395 shares during the last quarter. Teachers Advisors Inc. raised its position in CVB Financial Corp. by 16.0% in the first quarter. Teachers Advisors Inc. now owns 184,573 shares of the financial services provider’s stock worth $3,221,000 after buying an additional 25,499 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in CVB Financial Corp. by 3.3% in the first quarter. Prudential Financial Inc. now owns 237,773 shares of the financial services provider’s stock worth $4,149,000 after buying an additional 7,500 shares during the last quarter. Institutional investors and hedge funds own 65.42% of the company’s stock.
About CVB Financial Corp.
CVB Financial Corp. is the bank holding company for Citizens Business Bank (the Bank). The Bank’s segments include Business Financial and Commercial Banking Centers (Centers), Treasury and Others. The Company’s all administrative and other smaller operating departments are combined into the Other segment.
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