Janney Montgomery Scott Downgrades CVB Financial (NASDAQ:CVBF) to Neutral

CVB Financial (NASDAQ:CVBF) was downgraded by analysts at Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a report released on Wednesday, Marketbeat.com reports.

Several other research analysts also recently commented on the stock. Hovde Group downgraded shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price objective for the company. in a report on Monday, April 22nd. Stephens reissued an “equal weight” rating and set a $20.00 price objective on shares of CVB Financial in a report on Thursday, April 25th. Keefe, Bruyette & Woods decreased their target price on shares of CVB Financial from $20.00 to $19.00 and set a “market perform” rating on the stock in a research report on Friday, April 26th. Finally, Wedbush restated a “neutral” rating and set a $19.00 target price on shares of CVB Financial in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $19.00.

CVB Financial Stock Performance

Shares of CVB Financial stock opened at $16.27 on Wednesday. The company has a fifty day moving average of $16.88 and a 200 day moving average of $17.83. CVB Financial has a fifty-two week low of $11.83 and a fifty-two week high of $21.77. The company has a market capitalization of $2.27 billion, a P/E ratio of 10.70 and a beta of 0.47.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. The business had revenue of $126.57 million during the quarter, compared to the consensus estimate of $127.46 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue was down 8.9% on a year-over-year basis. Analysts forecast that CVB Financial will post 1.41 EPS for the current year.

Institutional Trading of CVB Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in CVB Financial by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider’s stock worth $317,014,000 after purchasing an additional 176,694 shares during the period. Dimensional Fund Advisors LP raised its position 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 during the period. American Century Companies Inc. raised its position 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 during the period. Goldman Sachs Group Inc. raised its position 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 during the period. Finally, Charles Schwab Investment Management Inc. raised its position in CVB Financial by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,784,666 shares of the financial services provider’s stock worth $76,412,000 after purchasing an additional 190,343 shares during the period. 74.18% of the stock is owned by hedge funds and other 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.