Hovde Group Lowers CVB Financial (NASDAQ:CVBF) to Market Perform

Hovde Group cut shares of CVB Financial (NASDAQ:CVBF) from an outperform rating to a market perform rating in a report released on Monday morning, MarketBeat.com reports. Hovde Group currently has $18.00 target price on the financial services provider’s stock.

A number of other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods decreased their target price on shares of CVB Financial from $22.00 to $20.00 and set a market perform rating on the stock in a research report on Friday, January 26th. StockNews.com raised shares of CVB Financial to a sell rating in a report on Friday, January 5th. Finally, Wedbush cut their price target on shares of CVB Financial from $22.00 to $21.00 and set a neutral rating on the stock in a report on Thursday, January 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $20.00.

CVB Financial Stock Performance

CVB Financial stock opened at $17.09 on Monday. The firm’s fifty day moving average price is $17.02 and its 200-day moving average price is $17.70. The stock has a market cap of $2.39 billion, a P/E ratio of 10.75 and a beta of 0.46. CVB Financial has a fifty-two week low of $10.66 and a fifty-two week high of $21.77.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $138.52 million for the quarter, compared to analysts’ expectations of $134.88 million. CVB Financial had a net margin of 33.26% and a return on equity of 11.50%. On average, analysts predict that CVB Financial will post 1.43 earnings per share for the current year.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date was Tuesday, April 2nd. CVB Financial’s payout ratio is 50.31%.

Insider Activity

In other CVB Financial news, CFO E Allen Nicholson acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $16.77 per share, with a total value of $33,540.00. Following the completion of the purchase, the chief financial officer now directly owns 92,310 shares of the company’s stock, valued at approximately $1,548,038.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CVB Financial news, CFO E Allen Nicholson acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $16.77 per share, with a total value of $33,540.00. Following the completion of the purchase, the chief financial officer now directly owns 92,310 shares of the company’s stock, valued at approximately $1,548,038.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director George A. Borba, Jr. acquired 59,601 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were acquired at an average cost of $16.78 per share, for a total transaction of $1,000,104.78. Following the purchase, the director now directly owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 63,601 shares of company stock valued at $1,067,145. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Strs Ohio purchased a new position in CVB Financial in the fourth quarter worth about $36,000. GAMMA Investing LLC purchased a new position in CVB Financial in the fourth quarter worth about $102,000. Headlands Technologies LLC purchased a new position in CVB Financial in the fourth quarter worth about $122,000. Assetmark Inc. raised its holdings in CVB Financial by 141.5% in the fourth quarter. Assetmark Inc. now owns 8,598 shares of the financial services provider’s stock worth $174,000 after buying an additional 5,038 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of CVB Financial by 11.2% during the third quarter. Covestor Ltd now owns 8,761 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 885 shares during the last quarter. 74.18% of the stock is owned by hedge funds and other institutional investors.

About CVB Financial

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.