CVB Financial (NASDAQ:CVBF) Price Target Raised to $26.00

CVB Financial (NASDAQ:CVBF) had its price target increased by DA Davidson from $25.00 to $26.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on CVBF. Piper Sandler boosted their target price on CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Weiss Ratings upgraded CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, October 26th. Stephens upgraded CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price objective for the company in a research report on Thursday, August 6th. Finally, Wall Street Zen upgraded CVB Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

CVB Financial Stock Performance

Shares of CVB Financial stock opened at $22.65 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.76 and a quick ratio of 0.77. The firm has a market cap of $3.95 billion, a P/E ratio of 13.73 and a beta of 0.68. The firm has a 50 day simple moving average of $22.36 and a 200 day simple moving average of $21.26. CVB Financial has a fifty-two week low of $18.10 and a fifty-two week high of $23.95.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.01). The firm had revenue of $195.56 million for the quarter, compared to analyst estimates of $192.80 million. CVB Financial had a return on equity of 9.42% and a net margin of 29.54%. During the same period in the prior year, the company posted $0.38 EPS. Sell-side analysts predict that CVB Financial will post 1.77 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.80 annualized dividend and a yield of 3.5%. CVB Financial’s dividend payout ratio (DPR) is presently 52.98%.

Insider Buying and Selling

In other news, Director Mike Maddox bought 10,000 shares of the business’s stock in a transaction on Monday, August 31st. The shares were bought at an average cost of $22.03 per share, for a total transaction of $220,300.00. Following the completion of the acquisition, the director owned 13,138 shares in the company, valued at approximately $289,430.14. This trade represents a 318.67% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.40% of the company’s stock.

Institutional Trading of CVB Financial

A number of large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in CVB Financial during the 2nd quarter worth approximately $579,285,000. Dimensional Fund Advisors LP lifted its position in CVB Financial by 4.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,613,287 shares of the financial services provider’s stock valued at $147,620,000 after acquiring an additional 331,307 shares in the last quarter. Bessemer Group Inc. boosted its stake in CVB Financial by 16.5% in the 3rd quarter. Bessemer Group Inc. now owns 1,738,299 shares of the financial services provider’s stock worth $37,565,000 after purchasing an additional 246,216 shares during the period. Bank of New York Mellon Corp acquired a new position in CVB Financial in the 2nd quarter worth $38,066,000. Finally, The Manufacturers Life Insurance Company acquired a new position in CVB Financial in the 2nd quarter worth $29,928,000. Institutional investors own 74.18% of the company’s stock.

About CVB Financial

CVB Financial Corporation is the bank holding company for Citizens Business Bank, a California-based financial institution founded in 1974. The bank serves businesses, professionals, individuals and nonprofit organizations, with a strong presence in Southern California and operations in other parts of the state. Citizens Business Bank provides commercial and small-business banking, including deposit accounts, business loans, commercial real estate financing and cash-management services. It also offers personal banking and trust and wealth-management services.