CVB Financial Corp. (CVBF) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of CVB Financial Corp. (NASDAQ:CVBF) from a hold rating to a buy rating in a research report released on Tuesday morning. They currently have $20.00 price objective on the financial services provider’s stock.
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. “
A number of other analysts have also commented on the company. Keefe, Bruyette & Woods increased their price objective on CVB Financial Corp. from $17.00 to $18.00 and gave the company a market perform rating in a research note on Tuesday, September 27th. DA Davidson reiterated a hold rating and set a $18.00 target price on shares of CVB Financial Corp. in a research report on Monday, September 26th. Finally, Hovde Group assumed coverage on CVB Financial Corp. in a research report on Wednesday, June 22nd. They set a market perform rating and a $17.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $18.25.
CVB Financial Corp. (NASDAQ:CVBF) opened at 17.45 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 $1.88 billion, a P/E ratio of 17.82 and a beta of 1.56. The stock’s 50 day moving average price is $17.34 and its 200-day moving average price is $17.00.
CVB Financial Corp. (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by $0.01. CVB Financial Corp. had a net margin of 34.99% and a return on equity of 11.07%. During the same period last year, the business posted $0.25 EPS. On average, analysts forecast that CVB Financial Corp. will post $0.94 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.75%. CVB Financial Corp.’s payout ratio is currently 48.98%.
In related news, EVP David A. Brager sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $17.08, for a total transaction of $136,640.00. Following the sale, the executive vice president now directly owns 25,113 shares in the company, valued at approximately $428,930.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Christopher D. Myers sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $17.00, for a total value of $425,000.00. Following the sale, the chief executive officer now owns 355,052 shares in the company, valued at $6,035,884. The disclosure for this sale can be found here. Corporate insiders own 7.80% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its stake in shares of CVB Financial Corp. by 77.2% in the second quarter. Victory Capital Management Inc. now owns 6,211 shares of the financial services provider’s stock valued at $102,000 after buying an additional 2,706 shares during the last quarter. BlackRock Inc. raised its stake in shares of CVB Financial Corp. by 121.9% in the first quarter. BlackRock Inc. now owns 7,182 shares of the financial services provider’s stock worth $126,000 after buying an additional 3,945 shares during the period. Bank of Montreal Can acquired a new stake in shares of CVB Financial Corp. during the second quarter worth $123,000. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in shares of CVB Financial Corp. during the second quarter worth $137,000. Finally, Amalgamated Bank raised its stake in shares of CVB Financial Corp. by 5.4% in the second quarter. Amalgamated Bank now owns 12,018 shares of the financial services provider’s stock worth $204,000 after buying an additional 615 shares during the period. Institutional investors and hedge funds own 65.43% of the company’s stock.
CVB Financial Corp. Company Profile
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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