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

CVB Financial (NASDAQ:CVBF) had its target price boosted by Stephens from $23.00 to $25.00 in a report issued on Tuesday, Marketbeat.com reports. They currently have an equal weight rating on the financial services provider’s stock.

CVBF has been the topic of several other research reports. Weiss Ratings raised shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Raymond James Financial upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a report on Wednesday, July 1st. DA Davidson upped their price objective on shares of CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Finally, Piper Sandler raised their target price on CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.75.

CVB Financial Stock Down 0.7%

Shares of NASDAQ:CVBF opened at $22.67 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 0.17. CVB Financial has a 52-week low of $17.94 and a 52-week high of $23.36. The company has a 50 day moving average of $21.70 and a two-hundred day moving average of $20.54. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 15.63 and a beta of 0.65.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share (EPS) 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 prior year, the business earned $0.36 EPS. As a group, analysts forecast that CVB Financial will post 1.72 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Thursday, July 9th. CVB Financial’s dividend payout ratio is 55.17%.

Insider Buying and Selling

In related news, Director Brien Raymond V. O. III purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was acquired at an average price of $22.77 per share, for a total transaction of $455,400.00. Following the completion of the purchase, the director owned 85,780 shares in the company, valued at approximately $1,953,210.60. This represents a 30.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George A. Borba, Jr. purchased 25,187 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was bought at an average price of $19.85 per share, with a total value of $499,961.95. Following the purchase, the director owned 846,308 shares of the company’s stock, valued at approximately $16,799,213.80. The trade was a 3.07% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 95,429 shares of company stock valued at $1,955,178 in the last three months. Corporate insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Revolve Wealth Partners LLC bought a new stake in shares of CVB Financial in the 2nd quarter worth about $303,000. Hennion & Walsh Asset Management Inc. bought a new position in shares of CVB Financial during the second quarter worth about $654,000. GAMMA Investing LLC lifted its position in shares of CVB Financial by 44.8% during the second quarter. GAMMA Investing LLC now owns 9,519 shares of the financial services provider’s stock worth $215,000 after purchasing an additional 2,943 shares during the last quarter. Bank of America Corp DE grew its stake in CVB Financial by 28.1% in the first quarter. Bank of America Corp DE now owns 925,555 shares of the financial services provider’s stock worth $17,947,000 after purchasing an additional 202,857 shares in the last quarter. Finally, Amundi acquired a new position in CVB Financial in the first quarter worth about $536,000. 74.18% of the stock is owned by institutional investors and hedge funds.

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.