Hovde Group Downgrades CVB Financial Corp. (CVBF) to Underperform
CVB Financial Corp. (NASDAQ:CVBF) was downgraded by equities research analysts at Hovde Group from a “market perform” rating to an “underperform” rating in a research report issued to clients and investors on Monday.
Several other research analysts have also issued reports on CVBF. Zacks Investment Research lowered CVB Financial Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, July 28th. DA Davidson restated a “hold” rating and issued a $18.00 price target on shares of CVB Financial Corp. in a research note on Monday, September 26th. Finally, Keefe, Bruyette & Woods upped their price target on CVB Financial Corp. from $17.00 to $18.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $18.00.
Shares of CVB Financial Corp. (NASDAQ:CVBF) opened at 21.35 on Monday. The firm has a 50 day moving average price of $17.88 and a 200 day moving average price of $17.16. CVB Financial Corp. has a 52 week low of $14.02 and a 52 week high of $21.42. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 22.24 and a beta of 1.37.
CVB Financial Corp. (NASDAQ:CVBF) last announced its earnings results on Wednesday, October 19th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by $0.01. CVB Financial Corp. had a return on equity of 10.59% and a net margin of 34.39%. During the same period in the prior year, the business posted $0.26 earnings per share. Equities analysts forecast that CVB Financial Corp. will post $0.93 EPS for the current year.
In other CVB Financial Corp. news, CEO Christopher D. Myers sold 25,000 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $17.76, for a total transaction of $444,000.00. Following the sale, the chief executive officer now directly owns 355,052 shares in the company, valued at approximately $6,305,723.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 7.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of CVBF. 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 in the last quarter. Bank of Montreal Can acquired a new stake in shares of CVB Financial Corp. during the second quarter valued at approximately $123,000. BlackRock Inc. increased 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 valued at $126,000 after buying an additional 3,945 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in shares of CVB Financial Corp. during the second quarter valued at approximately $137,000. Finally, Amalgamated Bank increased 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 valued at $204,000 after buying an additional 615 shares in the last quarter. Institutional investors and hedge funds own 66.04% 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.
Receive News & Stock Ratings for CVB Financial Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVB Financial Corp. and related stocks with our FREE daily email newsletter.