CVB Financial (NASDAQ:CVBF) Stock Price Expected to Rise, DA Davidson Analyst Says

CVB Financial (NASDAQ:CVBF) had its target price increased by research analysts at DA Davidson from $22.50 to $25.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s target price points to a potential upside of 10.82% from the company’s current price.

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

CVB Financial Price Performance

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

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The firm had revenue of $179.43 million for the quarter, compared to analysts’ expectations of $184.62 million. CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. During the same quarter in the previous year, the business earned $0.36 EPS. Sell-side analysts expect that CVB Financial will post 1.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director George A. Borba, Jr. purchased 25,187 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $19.85 per share, for a total transaction of $499,961.95. Following the completion of the acquisition, the director directly owned 846,308 shares in the company, valued at $16,799,213.80. This represents a 3.07% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.40% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

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

CVB Financial Company Profile

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.