CVB Financial (NASDAQ:CVBF) Stock Rating Reaffirmed by Wedbush

CVB Financial (NASDAQ:CVBF)‘s stock had its “neutral” rating reiterated by Wedbush in a report released on Thursday, Benzinga reports. They currently have a $19.00 target price on the financial services provider’s stock. Wedbush’s price objective suggests a potential upside of 15.29% from the stock’s previous close. Wedbush also issued estimates for CVB Financial’s Q2 2024 earnings at $0.34 EPS, Q3 2024 earnings at $0.37 EPS, Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $1.43 EPS, Q1 2025 earnings at $0.37 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.40 EPS and Q4 2025 earnings at $0.40 EPS.

Several other research firms also recently issued reports on CVBF. Keefe, Bruyette & Woods dropped their target price on CVB Financial from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Friday, January 26th. StockNews.com upgraded CVB Financial to a “sell” rating in a research report on Friday, January 5th. Finally, Hovde Group cut shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price target on the stock. in a report on Monday, April 22nd. 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $19.00.

CVB Financial Price Performance

NASDAQ:CVBF opened at $16.48 on Thursday. The company has a market cap of $2.30 billion, a P/E ratio of 10.84 and a beta of 0.46. The stock’s fifty day moving average price is $16.98 and its two-hundred day moving average price is $17.70. CVB Financial has a 1 year low of $10.66 and a 1 year high of $21.77.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. The firm had revenue of $126.57 million for the quarter, compared to the consensus estimate of $127.46 million. CVB Financial had a return on equity of 10.94% and a net margin of 30.93%. The business’s quarterly revenue was down 8.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. On average, analysts expect that CVB Financial will post 1.43 earnings per share for the current fiscal year.

Insider Activity at CVB Financial

In other news, Director George A. Borba, Jr. bought 59,601 shares of CVB Financial stock in a transaction that occurred on Tuesday, February 6th. The shares were acquired at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the purchase, the director now directly owns 626,311 shares in the company, valued at $10,509,498.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO E Allen Nicholson bought 2,000 shares of CVB Financial stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $16.77 per share, with a total value of $33,540.00. Following the completion of the purchase, the chief financial officer now directly owns 92,310 shares in the company, valued at $1,548,038.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director George A. Borba, Jr. purchased 59,601 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were acquired at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the transaction, the director now owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The disclosure for this purchase can be found here. Insiders have bought a total of 63,601 shares of company stock valued at $1,067,145 over the last 90 days. 6.00% of the stock is owned by insiders.

Institutional Trading of CVB Financial

Several institutional investors have recently added to or reduced their stakes in CVBF. Goldman Sachs Group Inc. boosted its position in CVB Financial by 104.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock valued at $78,694,000 after buying an additional 1,994,369 shares during the period. Norges Bank purchased a new stake in CVB Financial during the fourth quarter valued at about $29,134,000. American Century Companies Inc. boosted its position in CVB Financial by 44.1% during the third quarter. American Century Companies Inc. now owns 3,937,457 shares of the financial services provider’s stock valued at $65,244,000 after buying an additional 1,204,090 shares during the period. Principal Financial Group Inc. boosted its position in CVB Financial by 56.4% during the fourth quarter. Principal Financial Group Inc. now owns 2,914,706 shares of the financial services provider’s stock valued at $58,848,000 after buying an additional 1,050,625 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in CVB Financial by 16.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,290,055 shares of the financial services provider’s stock valued at $86,619,000 after buying an additional 594,901 shares during the period. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

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.