CVB Financial (NASDAQ:CVBF) Upgraded by Stephens to “Overweight” Rating

CVB Financial (NASDAQ:CVBF) was upgraded by analysts at Stephens from an “equal weight” rating to an “overweight” rating in a report released on Thursday, MarketBeat Ratings reports. The brokerage currently has a $27.00 price objective on the financial services provider’s stock. Stephens’ target price points to a potential upside of 17.96% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. 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. DA Davidson lifted their price target on CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Raymond James Financial raised CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research note on Wednesday, July 1st. Finally, Piper Sandler upped their target price on CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

CVB Financial Price Performance

CVBF stock opened at $22.89 on Thursday. CVB Financial has a one year low of $17.94 and a one year high of $23.36. The firm has a 50-day moving average of $21.88 and a two-hundred day moving average of $20.64. The firm has a market capitalization of $4.04 billion, a PE ratio of 15.79 and a beta of 0.65. 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 (NASDAQ:CVBF) last released its quarterly earnings results 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 analyst estimates 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 firm earned $0.36 EPS. On average, analysts forecast that CVB Financial will post 1.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO David C. Harvey sold 40,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total transaction of $917,600.00. Following the completion of the sale, the chief operating officer owned 98,149 shares in the company, valued at approximately $2,251,538.06. This represents a 28.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director George A. Borba, Jr. acquired 25,187 shares of the stock in a transaction dated Tuesday, May 19th. The shares were bought at an average cost of $19.85 per share, for a total transaction of $499,961.95. Following the acquisition, the director owned 846,308 shares in the company, valued at $16,799,213.80. The trade was a 3.07% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 95,429 shares of company stock valued at $1,955,178 over the last quarter. Insiders own 6.40% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

A number of institutional investors have recently modified their holdings of the company. HoldCo Asset Management LP lifted its stake in shares of CVB Financial by 17,051.0% in the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock worth $41,366,000 after buying 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 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,437 shares of the financial services provider’s stock worth $23,684,000 after acquiring an additional 507,228 shares during the period. Weiss Asset Management LP acquired a new position in CVB Financial during the 1st quarter worth $8,303,000. Bernzott Capital Advisors bought a new stake in CVB Financial during the first quarter valued at about $8,054,000. Finally, Bessemer Group Inc. grew its position in shares of CVB Financial by 34.1% in the first quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock valued at $28,439,000 after purchasing an additional 372,732 shares during 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.