Wedbush Reaffirms “Neutral” Rating for CVB Financial (NASDAQ:CVBF)

Wedbush reiterated their neutral rating on shares of CVB Financial (NASDAQ:CVBF) in a research report report published on Thursday, Benzinga reports. They currently have a $19.00 price target on the financial services provider’s stock. Wedbush also issued estimates for CVB Financial’s Q2 2024 earnings at $0.34 EPS, Q3 2024 earnings at $0.37 EPS, Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $1.43 EPS, Q1 2025 earnings at $0.37 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.40 EPS and Q4 2025 earnings at $0.40 EPS.

A number of other brokerages have also weighed in on CVBF. Keefe, Bruyette & Woods dropped their price target on CVB Financial from $22.00 to $20.00 and set a market perform rating on the stock in a research note on Friday, January 26th. Hovde Group lowered CVB Financial from an outperform rating to a market perform rating and set a $18.00 price target on the stock. in a research note on Monday, April 22nd. Finally, StockNews.com upgraded CVB Financial to a sell rating in a research note on Friday, January 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, CVB Financial has an average rating of Hold and an average price target of $19.00.

CVB Financial Price Performance

CVBF opened at $16.48 on Thursday. The business’s 50-day moving average is $16.98 and its two-hundred day moving average is $17.71. CVB Financial has a 1 year low of $10.66 and a 1 year high of $21.77. The firm has a market capitalization of $2.30 billion, a PE ratio of 10.84 and a beta of 0.46.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.35 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.35. CVB Financial had a return on equity of 10.84% and a net margin of 30.93%. The business had revenue of $126.57 million for the quarter, compared to analyst estimates of $127.46 million. During the same quarter in the previous year, the firm earned $0.42 earnings per share. The company’s revenue was down 8.9% on a year-over-year basis. As a group, sell-side analysts expect that CVB Financial will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Wednesday, April 3rd were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 4.85%. CVB Financial’s dividend payout ratio is currently 52.63%.

Insider Activity at CVB Financial

In other news, CFO E Allen Nicholson bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average price of $16.77 per share, for a total transaction of $33,540.00. Following the completion of the transaction, the chief financial officer now directly owns 92,310 shares in the company, valued at $1,548,038.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO E Allen Nicholson purchased 2,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was bought at an average cost of $16.77 per share, with a total value of $33,540.00. Following the completion of the acquisition, the chief financial officer now owns 92,310 shares of the company’s stock, valued at approximately $1,548,038.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director George A. Borba, Jr. purchased 59,601 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was bought at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the acquisition, the director now directly owns 626,311 shares of the company’s stock, valued at approximately $10,509,498.58. The disclosure for this purchase can be found here. Insiders have bought a total of 63,601 shares of company stock worth $1,067,145 over the last quarter. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Raymond James & Associates lifted its holdings in CVB Financial by 2.5% in the fourth quarter. Raymond James & Associates now owns 35,598 shares of the financial services provider’s stock valued at $719,000 after acquiring an additional 854 shares during the period. Covestor Ltd lifted its holdings in CVB Financial by 11.2% in the third quarter. Covestor Ltd now owns 8,761 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 885 shares during the period. Equitable Trust Co. raised its stake in shares of CVB Financial by 6.5% during the 4th quarter. Equitable Trust Co. now owns 27,779 shares of the financial services provider’s stock worth $561,000 after buying an additional 1,705 shares during the period. Strs Ohio acquired a new position in shares of CVB Financial during the 4th quarter worth approximately $36,000. Finally, Natixis Advisors L.P. raised its stake in shares of CVB Financial by 10.1% during the 3rd quarter. Natixis Advisors L.P. now owns 20,727 shares of the financial services provider’s stock worth $343,000 after buying an additional 1,905 shares during the period. 74.18% of the stock is owned by institutional investors and hedge funds.

CVB Financial Company Profile

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.