Wall Street Zen upgraded shares of CVB Financial (NASDAQ:CVBF – Free Report) from a sell rating to a hold rating in a report published on Saturday morning.
Other equities research analysts have also recently issued research reports about the company. Piper Sandler upped their price target on CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Weiss Ratings raised CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. Raymond James Financial upgraded CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research report on Wednesday, July 1st. Stephens raised CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 target price on the stock in a report on Thursday, August 6th. Finally, DA Davidson raised their price target on CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, CVB Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.25.
Read Our Latest Report on CVBF
CVB Financial Stock Up 0.4%
CVB Financial (NASDAQ:CVBF – Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.The company had revenue of $179.43 million for the quarter, compared to analyst estimates of $184.62 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. Equities research analysts anticipate that CVB Financial will post 1.72 EPS for the current fiscal year.
CVB Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial’s dividend payout ratio (DPR) is 55.17%.
Insider Transactions at CVB Financial
In related news, Director George A. Borba, Jr. acquired 25,187 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average cost of $19.85 per share, for a total transaction of $499,961.95. Following the transaction, the director directly owned 846,308 shares of the company’s stock, valued at approximately $16,799,213.80. This trade represents a 3.07% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brien Raymond V. O. III acquired 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were bought at an average price of $22.77 per share, with a total value of $455,400.00. Following the completion of the transaction, the director directly owned 85,780 shares in the company, valued at approximately $1,953,210.60. The trade was a 30.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 6.40% of the company’s stock.
Hedge Funds Weigh In On CVB Financial
Institutional investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System acquired a new position in CVB Financial in the 1st quarter valued at about $1,096,000. Bessemer Group Inc. boosted its stake in shares of CVB Financial by 34.1% during the 1st quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock worth $28,439,000 after purchasing an additional 372,732 shares during the last quarter. Bernzott Capital Advisors acquired a new stake in shares of CVB Financial during the 1st quarter worth about $8,054,000. UBS Group AG boosted its stake in shares of CVB Financial by 25.2% during the 4th quarter. UBS Group AG now owns 161,339 shares of the financial services provider’s stock worth $3,001,000 after purchasing an additional 32,499 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of CVB Financial by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 7,613,287 shares of the financial services provider’s stock worth $147,620,000 after buying an additional 331,307 shares in the last quarter. 74.18% of the stock is owned by institutional investors and hedge funds.
CVB Financial Company Profile
CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.
The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.
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