CVB Financial (NASDAQ:CVBF) Price Target Raised to $25.00

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

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

CVB Financial Stock Performance

CVB Financial stock opened at $22.56 on Friday. The business has a 50-day simple moving average of $21.49 and a two-hundred day simple moving average of $20.44. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 0.17. The company has a market cap of $3.98 billion, a P/E ratio of 15.56 and a beta of 0.65. CVB Financial has a 52-week low of $17.94 and a 52-week high of $23.36.

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

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Investors 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 annualized dividend and a dividend yield of 3.5%. CVB Financial’s dividend payout ratio (DPR) is currently 55.17%.

Insider Transactions at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. purchased 25,187 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was acquired at an average cost of $19.85 per share, for a total transaction of $499,961.95. Following the purchase, the director directly owned 846,308 shares of the company’s stock, valued at $16,799,213.80. This trade represents a 3.07% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.40% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. HoldCo Asset Management LP lifted its stake in shares of CVB Financial by 17,051.0% during the 4th quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock worth $41,366,000 after purchasing an additional 2,211,005 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in CVB Financial by 71.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,221,437 shares of the financial services provider’s stock worth $23,684,000 after purchasing an additional 507,228 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of CVB Financial during the first quarter valued at about $8,303,000. Bernzott Capital Advisors purchased a new stake in shares of CVB Financial during the first quarter valued at about $8,054,000. Finally, Bessemer Group Inc. boosted its holdings in shares of CVB Financial by 34.1% in the 1st quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock valued at $28,439,000 after buying an additional 372,732 shares in the last quarter. Institutional investors own 74.18% of the company’s stock.

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.