CVB Financial Corp. (NASDAQ:CVBF) Receives Average Recommendation of “Hold” from Brokerages

Shares of CVB Financial Corp. (NASDAQ:CVBF) have received an average recommendation of “Hold” from the six ratings firms that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $20.80.

Several equities research analysts recently weighed in on the stock. Wedbush reaffirmed a “neutral” rating and issued a $20.00 price objective on shares of CVB Financial in a report on Thursday, October 24th. Piper Sandler reduced their price target on shares of 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, Keefe, Bruyette & Woods upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd.

CVB Financial Stock Performance

Shares of CVBF opened at $23.83 on Friday. The firm has a fifty day moving average of $20.13 and a 200-day moving average of $18.32. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 16.66 and a beta of 0.44. CVB Financial has a 1 year low of $15.71 and a 1 year high of $24.58.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. The firm had revenue of $126.45 million during 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%. CVB Financial’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. Analysts predict that CVB Financial will post 1.43 EPS for the current year.

CVB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.36%. CVB Financial’s dividend payout ratio (DPR) is presently 55.94%.

Hedge Funds Weigh In On CVB Financial

A number of hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in 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 purchasing an additional 816,176 shares during the period. Wellington Management Group LLP purchased a new stake in CVB Financial in the 3rd quarter worth about $8,653,000. Jacobs Asset Management LLC acquired a new stake in CVB Financial during the 3rd quarter worth about $4,455,000. Charles Schwab Investment Management Inc. grew its stake in CVB Financial by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,952,354 shares of the financial services provider’s stock valued at $88,251,000 after acquiring an additional 181,769 shares in the last quarter. Finally, Barclays PLC grew its stake in CVB Financial by 79.5% during the 3rd quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock valued at $5,186,000 after acquiring an additional 128,869 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

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.