Keefe, Bruyette & Woods Trims CVB Financial (NASDAQ:CVBF) Target Price to $19.00

CVB Financial (NASDAQ:CVBF) had its price objective cut by Keefe, Bruyette & Woods from $20.00 to $19.00 in a research report report published on Friday, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Several other equities research analysts also recently commented on the stock. Stephens reissued an equal weight rating and set a $20.00 target price on shares of CVB Financial in a research report on Thursday, April 25th. Hovde Group downgraded shares of CVB Financial from an outperform rating to a market perform rating and set a $18.00 target price for the company. in a research report on Monday, April 22nd. StockNews.com raised shares of CVB Financial to a sell rating in a research report on Friday, January 5th. Finally, Wedbush reaffirmed a neutral rating and issued a $19.00 price objective on shares of CVB Financial in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $19.00.

CVB Financial Trading Down 0.1 %

CVBF opened at $16.46 on Friday. CVB Financial has a 1-year low of $10.66 and a 1-year high of $21.77. The company has a market cap of $2.30 billion, a P/E ratio of 10.83 and a beta of 0.46. The company has a fifty day moving average price of $16.96 and a two-hundred day moving average price of $17.72.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, hitting the consensus estimate of $0.35. The company had revenue of $126.57 million during the quarter, compared to the consensus estimate of $127.46 million. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. The firm’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 earnings per share. On average, research analysts forecast that CVB Financial will post 1.41 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Wednesday, April 3rd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date was Tuesday, April 2nd. CVB Financial’s payout ratio is 52.63%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CVBF. Goldman Sachs Group Inc. grew its position in shares of CVB Financial by 104.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock valued at $78,694,000 after acquiring an additional 1,994,369 shares during the period. Norges Bank bought a new position in CVB Financial in the 4th quarter worth approximately $29,134,000. American Century Companies Inc. boosted its holdings in CVB Financial by 44.1% in the 3rd quarter. American Century Companies Inc. now owns 3,937,457 shares of the financial services provider’s stock worth $65,244,000 after buying an additional 1,204,090 shares during the period. Principal Financial Group Inc. boosted its holdings in CVB Financial by 56.4% in the 4th quarter. Principal Financial Group Inc. now owns 2,914,706 shares of the financial services provider’s stock worth $58,848,000 after buying an additional 1,050,625 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in CVB Financial by 16.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,290,055 shares of the financial services provider’s stock worth $86,619,000 after buying an additional 594,901 shares during the period. 74.18% of the stock is 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.