Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for CVB Financial (NASDAQ:CVBF) Stock

CVB Financial (NASDAQ:CVBF) had its price target lifted by analysts at Keefe, Bruyette & Woods from $23.00 to $27.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 16.68% from the company’s current price.

CVBF has been the subject of several other research reports. Piper Sandler dropped their price objective on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Wedbush restated a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, CVB Financial presently has a consensus rating of “Hold” and a consensus price target of $21.80.

CVB Financial Trading Up 0.7 %

Shares of CVBF traded up $0.17 during mid-day trading on Wednesday, reaching $23.14. The company had a trading volume of 116,912 shares, compared to its average volume of 824,432. CVB Financial has a fifty-two week low of $15.71 and a fifty-two week high of $24.58. The firm has a fifty day simple moving average of $20.43 and a 200-day simple moving average of $18.46. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 16.18 and a beta of 0.49.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $126.45 million during the quarter, compared to the consensus estimate of $126.75 million. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. As a group, equities analysts predict that CVB Financial will post 1.43 EPS for the current fiscal year.

Hedge Funds Weigh In On CVB Financial

A number of institutional investors have recently made changes to their positions in CVBF. Allspring Global Investments Holdings LLC bought a new position in CVB Financial during the 3rd quarter valued at $27,000. nVerses Capital LLC raised its stake in CVB Financial by 466.7% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,400 shares in the last quarter. Innealta Capital LLC bought a new position in CVB Financial during the 2nd quarter worth approximately $38,000. GAMMA Investing LLC grew its position in shares of CVB Financial by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock worth $78,000 after acquiring an additional 780 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of CVB Financial in the 3rd quarter valued at approximately $107,000. 74.18% of the stock is owned by institutional investors and hedge funds.

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.