Piper Sandler Lowers CVB Financial (NASDAQ:CVBF) Price Target to $24.00

CVB Financial (NASDAQ:CVBF) had its target price dropped by equities research analysts at Piper Sandler from $25.00 to $24.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 27.80% from the stock’s current price.

Separately, Stephens dropped their price target on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $23.50.

CVB Financial Stock Performance

NASDAQ:CVBF opened at $18.78 on Monday. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 13.04 and a beta of 0.62. The stock has a 50-day simple moving average of $18.44 and a 200 day simple moving average of $20.29. CVB Financial has a one year low of $15.75 and a one year high of $24.58.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. CVB Financial had a return on equity of 9.35% and a net margin of 29.32%. The firm had revenue of $126.67 million for the quarter, compared to analyst estimates of $124.45 million. During the same period last year, the company earned $0.35 earnings per share. On average, equities research analysts forecast that CVB Financial will post 1.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. boosted its position in shares of CVB Financial by 80.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 720 shares in the last quarter. Hopwood Financial Services Inc. acquired a new position in CVB Financial in the fourth quarter worth approximately $53,000. Sterling Capital Management LLC increased its holdings in shares of CVB Financial by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider’s stock valued at $89,000 after buying an additional 3,719 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of CVB Financial by 144.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider’s stock valued at $95,000 after acquiring an additional 2,597 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of CVB Financial by 58.8% during the 1st quarter. Blue Trust Inc. now owns 4,470 shares of the financial services provider’s stock worth $83,000 after acquiring an additional 1,655 shares in the last quarter. 74.18% of the stock is owned by institutional investors and hedge funds.

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.