Piper Sandler Has Lowered Expectations for CVB Financial (NASDAQ:CVBF) Stock Price

CVB Financial (NASDAQ:CVBF) had its target price cut by Piper Sandler from $25.00 to $23.00 in a research report released on Friday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $22.00 in a report on Wednesday, October 2nd. Wedbush reaffirmed a “neutral” rating and issued a $20.00 price objective on shares of CVB Financial in a research note on Thursday, October 24th. Finally, Stephens lifted their target price on CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $20.80.

CVB Financial Stock Performance

NASDAQ CVBF opened at $19.27 on Friday. The business’s fifty day moving average is $18.34 and its 200 day moving average is $17.58. CVB Financial has a fifty-two week low of $15.71 and a fifty-two week high of $21.77. The company has a market capitalization of $2.69 billion, a PE ratio of 13.48 and a beta of 0.44.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The company had revenue of $126.45 million during the quarter, compared to the consensus estimate of $126.75 million. During the same period in the previous year, the company posted $0.42 EPS. The firm’s revenue was down 8.2% on a year-over-year basis. On average, sell-side analysts forecast that CVB Financial will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Monday, September 30th. CVB Financial’s dividend payout ratio is presently 55.94%.

Institutional Trading of CVB Financial

Several hedge funds have recently modified their holdings of the company. Arizona State Retirement System increased its position in CVB Financial by 1.9% in the second quarter. Arizona State Retirement System now owns 39,018 shares of the financial services provider’s stock worth $673,000 after purchasing an additional 725 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of CVB Financial by 5.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,538 shares of the financial services provider’s stock valued at $250,000 after buying an additional 748 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of CVB Financial by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 780 shares during the period. AlphaMark Advisors LLC increased its position in CVB Financial by 4.7% during the third quarter. AlphaMark Advisors LLC now owns 19,179 shares of the financial services provider’s stock valued at $342,000 after acquiring an additional 859 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in CVB Financial by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider’s stock valued at $1,150,000 after purchasing an additional 1,100 shares during the last quarter. 74.18% of the stock is owned by hedge funds and other 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.