DA Davidson Issues Positive Forecast for CVB Financial (NASDAQ:CVBF) Stock Price

CVB Financial (NASDAQ:CVBF) had its target price lifted by DA Davidson from $22.50 to $25.00 in a report released on Friday,Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider’s stock.

A number of other brokerages also recently weighed in on CVBF. Piper Sandler upped their price target on shares of CVB Financial from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Weiss Ratings raised CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Stephens reissued an “equal weight” rating and issued a $23.00 target price on shares of CVB Financial in a research report on Tuesday, June 16th. Finally, Raymond James Financial upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a report on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

CVB Financial Stock Performance

Shares of CVBF stock opened at $22.56 on Friday. The business has a 50 day simple moving average of $21.49 and a 200 day simple moving average of $20.44. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.77 and a quick ratio of 0.73. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 15.56 and a beta of 0.65. CVB Financial has a 12-month low of $17.94 and a 12-month high of $23.36.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The company had revenue of $179.43 million during the quarter, compared to analyst estimates of $184.62 million. CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.During the same period in the previous year, the company earned $0.36 EPS. On average, equities research analysts anticipate that CVB Financial will post 1.66 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. CVB Financial’s dividend payout ratio (DPR) is presently 55.17%.

Insiders Place Their Bets

In other CVB Financial news, Director George A. Borba, Jr. bought 50,242 shares of the stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $19.90 per share, with a total value of $999,815.80. Following the purchase, the director directly owned 796,024 shares in the company, valued at $15,840,877.60. The trade was a 6.74% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.40% of the stock is currently owned by company insiders.

Institutional Trading of CVB Financial

Several institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its position in CVB Financial by 28.7% during the first quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock valued at $698,000 after purchasing an additional 8,432 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of CVB Financial by 36.6% during the 1st quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock valued at $895,000 after buying an additional 12,992 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of CVB Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider’s stock valued at $1,456,000 after acquiring an additional 3,442 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of CVB Financial by 848.1% during the 1st quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 13,527 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of CVB Financial by 9.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider’s stock worth $8,458,000 after acquiring an additional 38,250 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

About CVB Financial

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.