CVB Financial (NASDAQ:CVBF) Rating Lowered to Market Perform at Hovde Group

CVB Financial (NASDAQ:CVBF) was downgraded by equities researchers at Hovde Group from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. They presently have a $18.00 target price on the financial services provider’s stock. Hovde Group’s price target indicates a potential upside of 5.26% from the company’s current price.

Several other equities analysts have also commented on CVBF. Wedbush lowered their price objective on shares of CVB Financial from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. StockNews.com upgraded shares of CVB Financial to a “sell” rating in a report on Friday, January 5th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of CVB Financial from $22.00 to $20.00 and set a “market perform” rating for the company in a report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, CVB Financial has a consensus rating of “Hold” and a consensus target price of $20.00.

CVB Financial Stock Performance

CVBF opened at $17.10 on Monday. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 10.75 and a beta of 0.46. The company has a fifty day moving average of $17.02 and a 200 day moving average of $17.71. CVB Financial has a fifty-two week low of $10.66 and a fifty-two week high of $21.77.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. CVB Financial had a net margin of 33.26% and a return on equity of 11.50%. The company had revenue of $138.52 million during the quarter, compared to analysts’ expectations of $134.88 million. On average, equities research analysts forecast that CVB Financial will post 1.43 earnings per share for the current year.

Insider Buying and Selling at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. bought 59,601 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were acquired at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the transaction, the director now owns 626,311 shares of the company’s stock, valued at approximately $10,509,498.58. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other CVB Financial news, Director George A. Borba, Jr. bought 59,601 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were acquired at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the transaction, the director now owns 626,311 shares of the company’s stock, valued at approximately $10,509,498.58. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO E Allen Nicholson bought 2,000 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were acquired at an average cost of $16.77 per share, for a total transaction of $33,540.00. Following the transaction, the chief financial officer now directly owns 92,310 shares in the company, valued at approximately $1,548,038.70. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 63,601 shares of company stock valued at $1,067,145. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in shares of CVB Financial by 6.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,594,323 shares of the financial services provider’s stock worth $59,558,000 after buying an additional 213,038 shares during the last quarter. Equitable Trust Co. grew its position in CVB Financial by 8.3% during the 3rd quarter. Equitable Trust Co. now owns 26,074 shares of the financial services provider’s stock worth $432,000 after purchasing an additional 1,994 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new stake in CVB Financial during the 3rd quarter worth approximately $1,243,000. Victory Capital Management Inc. grew its position in CVB Financial by 904.1% during the 3rd quarter. Victory Capital Management Inc. now owns 416,953 shares of the financial services provider’s stock worth $6,909,000 after purchasing an additional 375,426 shares during the last quarter. Finally, GSA Capital Partners LLP grew its position in CVB Financial by 3.3% during the 3rd quarter. GSA Capital Partners LLP now owns 96,122 shares of the financial services provider’s stock worth $1,593,000 after purchasing an additional 3,112 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

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.