CVB Financial (NASDAQ:CVBF) Given Market Perform Rating at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their market perform rating on shares of CVB Financial (NASDAQ:CVBF) in a research report released on Friday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a $20.00 price objective on the financial services provider’s stock, up from their prior price objective of $19.00.

CVBF has been the topic of several other reports. Hovde Group downgraded 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. Janney Montgomery Scott downgraded CVB Financial from a buy rating to a neutral rating in a report on Wednesday, May 22nd. Wedbush increased their price target on CVB Financial from $18.00 to $21.00 and gave the stock a neutral rating in a report on Thursday. Finally, Stephens reiterated an equal weight rating and issued a $20.00 price target on shares of CVB Financial in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $20.00.

CVB Financial Price Performance

NASDAQ:CVBF opened at $20.04 on Friday. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 13.18 and a beta of 0.47. CVB Financial has a 1 year low of $14.62 and a 1 year high of $21.77. The business has a 50 day simple moving average of $17.18 and a 200-day simple moving average of $17.26.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. The business had revenue of $125.27 million during the quarter, compared to analyst estimates of $126.86 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period last year, the company earned $0.40 EPS. As a group, analysts expect that CVB Financial will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were issued a $0.20 dividend. The ex-dividend date was Thursday, July 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.99%. CVB Financial’s dividend payout ratio is presently 52.63%.

Insider Activity

In related news, Director George A. Borba, Jr. purchased 34,200 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were acquired at an average cost of $15.99 per share, for a total transaction of $546,858.00. Following the acquisition, the director now owns 660,511 shares of the company’s stock, valued at approximately $10,561,570.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other CVB Financial news, Director George A. Borba, Jr. acquired 34,200 shares of the stock in a transaction dated Friday, June 14th. The stock was purchased at an average price of $15.99 per share, with a total value of $546,858.00. Following the transaction, the director now directly owns 660,511 shares of the company’s stock, valued at $10,561,570.89. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director George A. Borba, Jr. acquired 4,610 shares of the stock in a transaction dated Monday, June 17th. The stock was acquired at an average cost of $16.00 per share, with a total value of $73,760.00. Following the transaction, the director now directly owns 665,121 shares in the company, valued at $10,641,936. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 39,910 shares of company stock worth $638,669. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of CVB Financial

Institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc boosted its position in shares of CVB Financial by 832.8% in the 2nd quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,574 shares in the last quarter. Strs Ohio acquired a new stake in CVB Financial during the 4th quarter worth about $36,000. GAMMA Investing LLC acquired a new stake in CVB Financial during the 4th quarter worth about $102,000. Headlands Technologies LLC acquired a new stake in CVB Financial during the 4th quarter worth about $122,000. Finally, Assetmark Inc. lifted its position in CVB Financial by 141.5% during the 4th quarter. Assetmark Inc. now owns 8,598 shares of the financial services provider’s stock worth $174,000 after acquiring an additional 5,038 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

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.