CVB Financial (NASDAQ:CVBF) Raised to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of CVB Financial (NASDAQ:CVBF) from a market perform rating to an outperform rating in a research note released on Wednesday morning, Marketbeat.com reports. The firm currently has $22.00 target price on the financial services provider’s stock, up from their previous target price of $20.00.

A number of other analysts have also commented on the stock. Wedbush reduced their price target on shares of CVB Financial from $21.00 to $20.00 and set a neutral rating for the company in a research note on Tuesday, September 24th. Stephens lifted their target price on shares of CVB Financial from $19.00 to $21.00 and gave the stock an equal weight rating in a research report on Friday, July 26th. One research 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. According to data from MarketBeat, CVB Financial has a consensus rating of Hold and an average price target of $20.25.

CVB Financial Trading Down 0.1 %

CVBF stock opened at $18.05 on Wednesday. The stock’s 50 day simple moving average is $17.67 and its 200 day simple moving average is $17.26. CVB Financial has a 12-month low of $14.62 and a 12-month high of $21.77. The stock has a market capitalization of $2.52 billion, a PE ratio of 11.88 and a beta of 0.45.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The firm had revenue of $125.27 million for the quarter, compared to the consensus estimate of $126.86 million. During the same period in the prior year, the company posted $0.40 earnings per share. The company’s quarterly revenue was down 5.2% on a year-over-year basis. On average, research analysts predict that CVB Financial will post 1.4 earnings per share for the current year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 14th. Investors of record on Monday, September 30th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, September 30th. This represents a $0.80 annualized dividend and a yield of 4.43%. CVB Financial’s dividend payout ratio (DPR) is 52.63%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of CVB Financial by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider’s stock worth $317,014,000 after purchasing an additional 176,694 shares in the last quarter. American Century Companies Inc. raised its stake in shares of CVB Financial by 1.0% in the second quarter. American Century Companies Inc. now owns 5,813,290 shares of the financial services provider’s stock worth $100,221,000 after buying an additional 58,774 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of CVB Financial by 16.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,649,691 shares of the financial services provider’s stock valued at $97,399,000 after buying an additional 816,176 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of CVB Financial by 104.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock valued at $78,694,000 after acquiring an additional 1,994,369 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in CVB Financial by 5.0% in the 1st quarter. Principal Financial Group Inc. now owns 3,059,293 shares of the financial services provider’s stock worth $54,578,000 after acquiring an additional 144,587 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

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.