CVB Financial Corp. (NASDAQ:CVBF) Receives Average Rating of “Hold” from Brokerages

CVB Financial Corp. (NASDAQ:CVBF) has been assigned an average recommendation of “Hold” from the six brokerages that are presently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $21.80.

CVBF has been the topic of several recent analyst reports. Piper Sandler dropped their target price on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Wedbush reissued a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods raised their target price on CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

CVB Financial Stock Performance

NASDAQ:CVBF opened at $21.95 on Tuesday. The company has a market capitalization of $3.07 billion, a P/E ratio of 15.35 and a beta of 0.49. The stock’s 50 day moving average price is $21.94 and its 200 day moving average price is $19.22. CVB Financial has a 52 week low of $15.71 and a 52 week high of $24.58.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The company had revenue of $126.45 million during the quarter, compared to the consensus estimate of $126.75 million. During the same quarter in the prior year, the company posted $0.42 EPS. The firm’s revenue was down 8.2% on a year-over-year basis. As a group, sell-side analysts forecast that CVB Financial will post 1.43 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.80 annualized dividend and a yield of 3.64%. CVB Financial’s dividend payout ratio (DPR) is 55.94%.

Institutional Trading of CVB Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in CVB Financial by 25.6% in the third quarter. JPMorgan Chase & Co. now owns 363,494 shares of the financial services provider’s stock worth $6,477,000 after purchasing an additional 74,004 shares during the period. Geode Capital Management LLC lifted its holdings in shares of CVB Financial by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 3,164,463 shares of the financial services provider’s stock worth $56,401,000 after acquiring an additional 15,628 shares during the period. Barclays PLC boosted its position in shares of CVB Financial by 79.5% during the 3rd quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock valued at $5,186,000 after acquiring an additional 128,869 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in CVB Financial in the third quarter valued at about $597,000. Finally, Jane Street Group LLC raised its position in CVB Financial by 11.8% in the third quarter. Jane Street Group LLC now owns 136,780 shares of the financial services provider’s stock worth $2,437,000 after purchasing an additional 14,384 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.