CVB Financial (NASDAQ:CVBF) Rating Lowered to Market Perform at Hovde Group

CVB Financial (NASDAQ:CVBFGet Free Report) was downgraded by research analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued on Monday, Marketbeat Ratings reports. They currently have a $18.00 price target on the financial services provider’s stock. Hovde Group’s target price suggests a potential upside of 8.24% from the company’s previous close.

Several other brokerages also recently weighed in on CVBF. Keefe, Bruyette & Woods dropped their price objective on CVB Financial from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Friday, January 26th. StockNews.com upgraded shares of CVB Financial to a “sell” rating in a research note on Friday, January 5th. Finally, Wedbush lowered their price objective on shares of CVB Financial from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, CVB Financial presently has a consensus rating of “Hold” and an average price target of $20.00.

Check Out Our Latest Analysis on CVB Financial

CVB Financial Stock Up 4.1 %

CVBF opened at $16.63 on Monday. CVB Financial has a twelve month low of $10.66 and a twelve month high of $21.77. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 10.46 and a beta of 0.46. The company has a 50-day simple moving average of $17.04 and a 200 day simple moving average of $17.70.

CVB Financial (NASDAQ:CVBFGet Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $138.52 million during the quarter, compared to the consensus estimate of $134.88 million. CVB Financial had a net margin of 33.26% and a return on equity of 11.50%. Sell-side analysts anticipate that CVB Financial will post 1.43 EPS for the current fiscal year.

Insider Activity at CVB Financial

In other CVB Financial news, CEO David A. Brager bought 2,000 shares of CVB Financial stock in a transaction on Tuesday, February 6th. The shares were purchased at an average cost of $16.75 per share, with a total value of $33,500.00. Following the acquisition, the chief executive officer now directly owns 152,814 shares of the company’s stock, valued at approximately $2,559,634.50. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director George A. Borba, Jr. bought 59,601 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were purchased at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the acquisition, the director now owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO David A. Brager purchased 2,000 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was bought at an average cost of $16.75 per share, with a total value of $33,500.00. Following the purchase, the chief executive officer now owns 152,814 shares of the company’s stock, valued at approximately $2,559,634.50. The disclosure for this purchase can be found here. Insiders acquired a total of 63,601 shares of company stock worth $1,067,145 in the last quarter. 6.00% of the stock is owned by insiders.

Institutional Trading of CVB Financial

Several institutional investors have recently added to or reduced their stakes in CVBF. Morgan Stanley lifted its position in shares of CVB Financial by 172.4% in the 4th quarter. Morgan Stanley now owns 3,718,134 shares of the financial services provider’s stock worth $95,742,000 after purchasing an additional 2,353,360 shares during the period. Goldman Sachs Group Inc. lifted its holdings in CVB Financial by 104.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock valued at $78,694,000 after buying an additional 1,994,369 shares during the period. State Street Corp boosted its position in CVB Financial by 29.9% during the second quarter. State Street Corp now owns 8,084,109 shares of the financial services provider’s stock valued at $107,357,000 after acquiring an additional 1,861,050 shares during the last quarter. BlackRock Inc. grew its holdings in CVB Financial by 7.7% during the 1st quarter. BlackRock Inc. now owns 20,822,280 shares of the financial services provider’s stock worth $483,284,000 after acquiring an additional 1,487,960 shares during the period. Finally, Norges Bank bought a new position in shares of CVB Financial in the 4th quarter worth about $29,134,000. 74.18% of the stock is currently owned by institutional investors.

About CVB Financial

(Get Free Report)

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.

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