CVB Financial (NASDAQ:CVBF) Price Target Cut to $24.00 by Analysts at Piper Sandler

CVB Financial (NASDAQ:CVBF) had its target price reduced by equities researchers at Piper Sandler from $25.00 to $24.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 27.80% from the stock’s previous close.

Separately, Stephens decreased their price target on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $23.50.

CVB Financial Price Performance

CVBF stock opened at $18.78 on Monday. The firm has a market capitalization of $2.61 billion, a P/E ratio of 13.04 and a beta of 0.62. CVB Financial has a 52-week low of $15.75 and a 52-week high of $24.58. The company’s 50 day simple moving average is $18.44 and its 200-day simple moving average is $20.29.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $126.67 million during the quarter, compared to analyst estimates of $124.45 million. CVB Financial had a return on equity of 9.35% and a net margin of 29.32%. During the same quarter in the prior year, the company earned $0.35 earnings per share. Sell-side analysts predict that CVB Financial will post 1.41 EPS for the current fiscal year.

Institutional Trading of CVB Financial

A number of institutional investors have recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. increased its stake in shares of CVB Financial by 80.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 720 shares during the last quarter. Hopwood Financial Services Inc. acquired a new position in CVB Financial during the fourth quarter worth $53,000. Blue Trust Inc. increased its position in CVB Financial by 58.8% during the first quarter. Blue Trust Inc. now owns 4,470 shares of the financial services provider’s stock worth $83,000 after buying an additional 1,655 shares during the last quarter. Sterling Capital Management LLC lifted its position in shares of CVB Financial by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider’s stock worth $89,000 after buying an additional 3,719 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in shares of CVB Financial by 144.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider’s stock worth $95,000 after acquiring an additional 2,597 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

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.