CVB Financial (NASDAQ:CVBF) Price Target Lowered to $23.00 at Piper Sandler

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

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

CVB Financial Stock Performance

CVBF opened at $18.96 on Friday. CVB Financial has a twelve month low of $15.71 and a twelve month high of $21.77. The firm’s fifty day moving average is $18.35 and its two-hundred day moving average is $17.60. The firm has a market cap of $2.65 billion, a PE ratio of 13.26 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, topping 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 for the quarter, compared to analysts’ expectations of $126.75 million. During the same quarter in the prior year, the business posted $0.42 EPS. The business’s revenue was down 8.2% compared to the same quarter last year. Equities analysts forecast that CVB Financial will post 1.41 EPS for the current fiscal year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.22%. CVB Financial’s dividend payout ratio is presently 55.94%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CVBF. Allspring Global Investments Holdings LLC bought a new stake in shares of CVB Financial in the 3rd quarter worth $27,000. nVerses Capital LLC raised its stake in CVB Financial by 466.7% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,400 shares in the last quarter. Versant Capital Management Inc boosted its holdings 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 during the period. Innealta Capital LLC bought a new stake in CVB Financial in the second quarter worth about $38,000. Finally, GAMMA Investing LLC lifted its position in shares of CVB Financial by 21.7% during the third 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 last quarter. 74.18% of the stock is currently owned by 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.