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

Hovde Group downgraded shares of CVB Financial (NASDAQ:CVBF) from an outperform rating to a market perform rating in a research report released on Monday, MarketBeat reports. They currently have $18.00 target price on the financial services provider’s stock.

A number of other brokerages have also commented on CVBF. Keefe, Bruyette & Woods decreased their price target on shares of CVB Financial from $22.00 to $20.00 and set a market perform rating on the stock in a research note on Friday, January 26th. Wedbush decreased their target price on shares of CVB Financial from $22.00 to $21.00 and set a neutral rating on the stock in a research report on Thursday, January 25th. Finally, StockNews.com upgraded shares of CVB Financial to a sell rating in a research report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, CVB Financial currently has a consensus rating of Hold and a consensus target price of $19.25.

CVB Financial Stock Performance

CVBF opened at $16.51 on Monday. The company has a fifty day moving average price of $17.00 and a two-hundred day moving average price of $17.69. CVB Financial has a 52 week low of $10.66 and a 52 week high of $21.77. The firm has a market capitalization of $2.31 billion, a PE ratio of 10.38 and a beta of 0.46.

CVB Financial (NASDAQ:CVBF) last posted 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 33.26% and a return on equity of 11.50%. The business had revenue of $126.57 million for the quarter, compared to analysts’ expectations of $127.46 million. During the same period in the previous year, the firm posted $0.42 EPS. The firm’s revenue was down 8.9% compared to the same quarter last year. Equities analysts forecast that CVB Financial will post 1.43 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend was Tuesday, April 2nd. CVB Financial’s dividend payout ratio is currently 50.31%.

Insider Activity at CVB Financial

In related news, Director George A. Borba, Jr. acquired 59,601 shares of the 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 completion of the transaction, the director now owns 626,311 shares in the company, 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 news, Director George A. Borba, Jr. acquired 59,601 shares of CVB Financial stock in a transaction that occurred on Tuesday, February 6th. The stock was bought at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the purchase, the director now owns 626,311 shares in the company, valued at $10,509,498.58. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David A. Brager acquired 2,000 shares of CVB Financial stock in a transaction that occurred on Tuesday, February 6th. The shares were purchased at an average cost of $16.75 per share, with a total value of $33,500.00. Following the purchase, the chief executive officer now owns 152,814 shares of the company’s stock, valued at approximately $2,559,634.50. The disclosure for this purchase can be found here. Insiders have bought 63,601 shares of company stock valued at $1,067,145 over the last ninety days. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in shares of CVB Financial in the 3rd quarter worth approximately $1,987,000. Everence Capital Management Inc. bought a new stake in CVB Financial during the 3rd quarter valued at $261,000. Raymond James & Associates raised its holdings in CVB Financial by 102.3% during the 3rd quarter. Raymond James & Associates now owns 34,744 shares of the financial services provider’s stock valued at $576,000 after buying an additional 17,566 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in CVB Financial by 9.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,094,313 shares of the financial services provider’s stock valued at $34,703,000 after buying an additional 183,583 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in CVB Financial by 5.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,924 shares of the financial services provider’s stock valued at $1,192,000 after buying an additional 4,039 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.