Stephens Cuts CVB Financial (NASDAQ:CVBF) Price Target to $23.00

CVB Financial (NASDAQ:CVBF) had its price target lowered by Stephens from $25.00 to $23.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. Piper Sandler lowered their target price on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Wedbush reissued a “neutral” rating and issued a $20.00 target price on shares of CVB Financial in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods lifted their price target on CVB Financial from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.20.

CVB Financial Stock Performance

CVBF stock opened at $20.79 on Monday. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 14.44 and a beta of 0.50. The business’s 50 day moving average price is $21.93 and its two-hundred day moving average price is $19.84. CVB Financial has a fifty-two week low of $15.71 and a fifty-two week high of $24.58.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.34 by $0.02. CVB Financial had a return on equity of 9.41% and a net margin of 29.32%. Sell-side analysts forecast that CVB Financial will post 1.4 earnings per share for the current year.

CVB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date of this dividend was Tuesday, December 31st. CVB Financial’s payout ratio is presently 55.56%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its position in CVB Financial by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,952,354 shares of the financial services provider’s stock worth $88,251,000 after purchasing an additional 181,769 shares during the last quarter. Geode Capital Management LLC increased its holdings in CVB Financial by 0.5% during the third quarter. Geode Capital Management LLC now owns 3,164,463 shares of the financial services provider’s stock valued at $56,401,000 after buying an additional 15,628 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of CVB Financial during the 3rd quarter worth $8,653,000. JPMorgan Chase & Co. grew its position in shares of CVB Financial by 25.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 363,494 shares of the financial services provider’s stock valued at $6,477,000 after acquiring an additional 74,004 shares during the period. Finally, Barclays PLC increased its stake in shares of CVB Financial by 79.5% in the 3rd quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock worth $5,186,000 after purchasing an additional 128,869 shares in the last quarter. Institutional investors own 74.18% of the company’s stock.

About CVB Financial

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.