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

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

Other research analysts also recently issued research reports about the stock. StockNews.com raised shares of CVB Financial to a sell rating in a research note on Friday, January 5th. Stephens reiterated an equal weight rating and set a $20.00 target price on shares of CVB Financial in a report on Thursday, April 25th. Hovde Group cut shares of CVB Financial from an outperform rating to a market perform rating and set a $18.00 target price on the stock. in a report on Monday, April 22nd. Finally, Wedbush reiterated a neutral rating and set a $19.00 target price on shares of CVB Financial in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $19.00.

CVB Financial Price Performance

CVBF stock opened at $16.46 on Friday. The company has a market capitalization of $2.30 billion, a PE ratio of 10.83 and a beta of 0.46. CVB Financial has a 12 month low of $10.66 and a 12 month high of $21.77. The firm’s 50-day moving average is $16.96 and its 200 day moving average is $17.72.

CVB Financial (NASDAQ:CVBF) last posted its quarterly 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 for 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 was down 8.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 EPS. Sell-side analysts forecast that CVB Financial will post 1.41 EPS for the current fiscal year.

CVB Financial Dividend Announcement

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

Insider Activity

In other news, Director George A. Borba, Jr. purchased 59,601 shares of the stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average cost of $16.78 per share, for a total transaction of $1,000,104.78. Following the acquisition, the director now owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director George A. Borba, Jr. purchased 59,601 shares of the stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average cost of $16.78 per share, for a total transaction of $1,000,104.78. Following the acquisition, the director now owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO David A. Brager purchased 2,000 shares of the stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average price of $16.75 per share, for a total transaction of $33,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 152,814 shares in the company, valued at approximately $2,559,634.50. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 63,601 shares of company stock worth $1,067,145. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of CVB Financial

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in CVB Financial by 104.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock worth $78,694,000 after purchasing an additional 1,994,369 shares in the last quarter. Norges Bank acquired a new stake in CVB Financial in the 4th quarter worth approximately $29,134,000. American Century Companies Inc. boosted its stake 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 purchasing an additional 1,204,090 shares in the last quarter. Principal Financial Group Inc. boosted its stake 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 purchasing an additional 1,050,625 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake 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 purchasing an additional 594,901 shares in 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.