CVB Financial (NASDAQ:CVBF) Price Target Cut to $20.00

CVB Financial (NASDAQ:CVBF) had its price objective reduced by equities researchers at Wedbush from $21.00 to $20.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Wedbush’s price objective suggests a potential upside of 11.36% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $20.00 price objective (up previously from $19.00) on shares of CVB Financial in a research report on Friday, July 26th. Stephens lifted their target price on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, CVB Financial currently has an average rating of “Hold” and an average target price of $19.75.

CVB Financial Price Performance

Shares of CVBF stock traded down $0.18 on Tuesday, hitting $17.96. 240,929 shares of the company’s stock were exchanged, compared to its average volume of 841,074. CVB Financial has a 12 month low of $14.62 and a 12 month high of $21.77. The stock has a market cap of $2.51 billion, a P/E ratio of 11.82 and a beta of 0.45. The company has a 50 day moving average of $17.97 and a 200 day moving average of $17.22.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The company had revenue of $125.27 million for the quarter, compared to the consensus estimate of $126.86 million. During the same period in the previous year, the business earned $0.40 EPS. The firm’s revenue was down 5.2% compared to the same quarter last year. Sell-side analysts predict that CVB Financial will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Kimberly H. Sheehy sold 2,961 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $17.14, for a total transaction of $50,751.54. Following the completion of the sale, the director now directly owns 13,156 shares in the company, valued at approximately $225,493.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CVB Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of CVBF. Dark Forest Capital Management LP lifted its position in CVB Financial by 55.0% in the 2nd quarter. Dark Forest Capital Management LP now owns 44,327 shares of the financial services provider’s stock valued at $764,000 after acquiring an additional 15,735 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of CVB Financial by 132.1% in the second quarter. AQR Capital Management LLC now owns 24,196 shares of the financial services provider’s stock worth $417,000 after acquiring an additional 13,771 shares during the period. Marshall Wace LLP purchased a new stake in CVB Financial in the second quarter worth approximately $856,000. Bank of Montreal Can grew its position in CVB Financial by 237.9% in the 2nd quarter. Bank of Montreal Can now owns 70,072 shares of the financial services provider’s stock worth $1,208,000 after purchasing an additional 49,333 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in CVB Financial by 7.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 291,836 shares of the financial services provider’s stock valued at $5,031,000 after buying an additional 20,498 shares during the last quarter. Hedge funds and other institutional investors 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.