CVB Financial Corp. (NASDAQ:CVBF) Receives $21.80 Average Target Price from Brokerages

CVB Financial Corp. (NASDAQ:CVBF) has been given an average rating of “Hold” by the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $21.80.

Several research firms have recently issued reports on CVBF. Keefe, Bruyette & Woods increased their price objective on shares of CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler decreased their price target on CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Finally, Wedbush restated a “neutral” rating and issued a $20.00 price objective on shares of CVB Financial in a report on Thursday, October 24th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CVBF. Louisiana State Employees Retirement System grew its stake in CVB Financial by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider’s stock valued at $1,150,000 after acquiring an additional 1,100 shares in the last quarter. Panagora Asset Management Inc. grew its position in CVB Financial by 10.7% during the second quarter. Panagora Asset Management Inc. now owns 287,104 shares of the financial services provider’s stock valued at $4,950,000 after purchasing an additional 27,674 shares in the last quarter. Innealta Capital LLC acquired a new position in CVB Financial in the 2nd quarter valued at approximately $38,000. WBI Investments LLC purchased a new stake in CVB Financial in the 2nd quarter worth approximately $177,000. Finally, nVerses Capital LLC grew its holdings in shares of CVB Financial by 466.7% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,400 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

CVB Financial Price Performance

CVBF opened at $21.95 on Tuesday. The stock’s 50 day moving average price is $21.94 and its 200 day moving average price is $19.22. The stock has a market cap of $3.07 billion, a P/E ratio of 15.35 and a beta of 0.49. CVB Financial has a 12 month low of $15.71 and a 12 month high of $24.58.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $126.45 million for the quarter, compared to analysts’ expectations of $126.75 million. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The company’s revenue was down 8.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share. Equities analysts anticipate that CVB Financial will post 1.43 EPS for the current year.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Tuesday, December 31st. CVB Financial’s dividend payout ratio is 55.94%.

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.