CVB Financial Corporation (NASDAQ:CVBF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, July 24th. The brokerage currently has a $24.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 17.36% from the company’s previous close.
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. “
Several other brokerages have also recently commented on CVBF. Keefe, Bruyette & Woods set a $23.00 price target on CVB Financial Corporation and gave the company a “hold” rating in a report on Tuesday, July 4th. BidaskClub upgraded shares of CVB Financial Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Hovde Group upgraded shares of CVB Financial Corporation from an “underperform” rating to a “market perform” rating and set a $21.00 price objective on the stock in a research report on Friday, May 19th. Wedbush restated a “neutral” rating and set a $22.00 price target on shares of CVB Financial Corporation in a report on Tuesday, June 27th. Finally, Piper Jaffray Companies lowered their price target on shares of CVB Financial Corporation from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Monday, April 17th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. CVB Financial Corporation has an average rating of “Hold” and a consensus target price of $21.50.
CVB Financial Corporation (NASDAQ:CVBF) opened at 20.45 on Monday. CVB Financial Corporation has a 12-month low of $16.32 and a 12-month high of $24.63. The stock has a market capitalization of $2.25 billion, a PE ratio of 20.33 and a beta of 1.51. The company has a 50-day moving average price of $21.74 and a 200-day moving average price of $21.93.
CVB Financial Corporation (NASDAQ:CVBF) last issued its earnings results on Wednesday, July 19th. The financial services provider reported $0.26 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.26. The company had revenue of $81.26 million during the quarter, compared to the consensus estimate of $80.10 million. CVB Financial Corporation had a return on equity of 10.67% and a net margin of 35.33%. During the same period in the previous year, the firm posted $0.23 earnings per share. Analysts expect that CVB Financial Corporation will post $1.06 earnings per share for the current fiscal year.
In other news, Director Anna Kan bought 4,660 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were bought at an average cost of $21.50 per share, for a total transaction of $100,190.00. Following the completion of the acquisition, the director now owns 17,660 shares in the company, valued at approximately $379,690. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 7.80% of the company’s stock.
Several large investors have recently modified their holdings of CVBF. Bank of Montreal Can increased its position in CVB Financial Corporation by 1.0% in the second quarter. Bank of Montreal Can now owns 8,246 shares of the financial services provider’s stock worth $185,000 after buying an additional 85 shares during the period. Gamble Jones Investment Counsel increased its position in CVB Financial Corporation by 0.5% in the first quarter. Gamble Jones Investment Counsel now owns 53,360 shares of the financial services provider’s stock worth $1,179,000 after buying an additional 275 shares during the period. State of Alaska Department of Revenue increased its position in CVB Financial Corporation by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 11,180 shares of the financial services provider’s stock worth $246,000 after buying an additional 310 shares during the period. Aperio Group LLC increased its position in CVB Financial Corporation by 1.1% in the second quarter. Aperio Group LLC now owns 28,853 shares of the financial services provider’s stock worth $647,000 after buying an additional 328 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its position in CVB Financial Corporation by 1.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 22,980 shares of the financial services provider’s stock worth $508,000 after buying an additional 410 shares during the period. 67.60% of the stock is owned by institutional investors.
About CVB Financial Corporation
CVB Financial Corp. (CVB) is the bank holding company for Citizens Business Bank (the Bank). The Bank operates through two segments: Business Financial and Commercial Banking Centers (Centers), and Other Operations. The Company’s administrative and other smaller operating departments are combined into the Other segment.
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