CVB Financial (NASDAQ:CVBF) Price Target Cut to $20.00 by Analysts at Wedbush

CVB Financial (NASDAQ:CVBF) had its target price dropped by investment analysts at Wedbush from $21.00 to $20.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Wedbush’s price objective suggests a potential upside of 11.36% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Stephens boosted their target price on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $20.00 price objective (up from $19.00) on shares of CVB Financial in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $19.75.

CVB Financial Stock Down 1.0 %

Shares of CVBF traded down $0.18 during mid-day trading on Tuesday, reaching $17.96. The company had a trading volume of 240,929 shares, compared to its average volume of 841,074. The stock has a market capitalization of $2.51 billion, a P/E ratio of 11.82 and a beta of 0.45. CVB Financial has a 52-week low of $14.62 and a 52-week high of $21.77. The stock has a 50 day moving average of $17.97 and a two-hundred day moving average of $17.22.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business had revenue of $125.27 million for the quarter, compared to analyst estimates of $126.86 million. During the same quarter in the prior year, the company earned $0.40 earnings per share. The company’s revenue was down 5.2% on a year-over-year basis. On average, sell-side analysts expect that CVB Financial will post 1.4 earnings per share for the current year.

Insider Transactions at CVB Financial

In related news, Director Kimberly H. Sheehy sold 2,961 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $17.14, for a total value of $50,751.54. Following the transaction, the director now directly owns 13,156 shares of the company’s stock, valued at approximately $225,493.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

Several hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its holdings in shares of CVB Financial by 104.8% during 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. Norges Bank acquired a new stake in CVB Financial during the 4th quarter valued at $29,134,000. Dimensional Fund Advisors LP raised its holdings in CVB Financial by 16.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,649,691 shares of the financial services provider’s stock valued at $97,399,000 after acquiring an additional 816,176 shares during the last quarter. Public Employees Retirement Association of Colorado raised its stake in CVB Financial by 368.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 721,112 shares of the financial services provider’s stock worth $14,559,000 after purchasing an additional 567,321 shares during the period. Finally, Vanguard Group Inc. lifted its position in CVB Financial by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider’s stock valued at $317,014,000 after buying an additional 176,694 shares in the last quarter. 74.18% of the stock is owned by institutional investors and hedge funds.

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.