Stephens Cuts CVB Financial (NASDAQ:CVBF) Price Target to $23.00

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

Other research analysts have also issued reports about the stock. Piper Sandler cut their target price on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Keefe, Bruyette & Woods increased their price target 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. Finally, Wedbush reissued a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CVB Financial currently has an average rating of “Hold” and an average target price of $22.20.

CVB Financial Price Performance

Shares of CVBF opened at $20.79 on Monday. The firm has a market cap of $2.90 billion, a P/E ratio of 14.44 and a beta of 0.50. CVB Financial has a 1 year low of $15.71 and a 1 year high of $24.58. The company has a 50 day simple moving average of $21.93 and a two-hundred day simple moving average of $19.84.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.34 by $0.02. CVB Financial had a net margin of 29.32% and a return on equity of 9.41%. On average, sell-side analysts anticipate that CVB Financial will post 1.4 earnings per share for the current year.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date was Tuesday, December 31st. CVB Financial’s payout ratio is currently 55.56%.

Institutional Trading of CVB Financial

Several institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its stake in CVB Financial by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,952,354 shares of the financial services provider’s stock worth $88,251,000 after buying an additional 181,769 shares during the period. Geode Capital Management LLC increased its position in shares of CVB Financial by 0.5% during the third quarter. Geode Capital Management LLC now owns 3,164,463 shares of the financial services provider’s stock worth $56,401,000 after acquiring an additional 15,628 shares during the period. Wellington Management Group LLP purchased a new position in shares of CVB Financial during the third quarter worth approximately $8,653,000. JPMorgan Chase & Co. boosted its holdings in shares of CVB Financial by 25.6% in the third quarter. JPMorgan Chase & Co. now owns 363,494 shares of the financial services provider’s stock valued at $6,477,000 after purchasing an additional 74,004 shares during the period. Finally, Barclays PLC increased its holdings in CVB Financial by 79.5% during the 3rd quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock worth $5,186,000 after purchasing an additional 128,869 shares during the period. 74.18% of the stock is currently owned by institutional investors.

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.