CVB Financial (NASDAQ:CVBF) Upgraded to Outperform at Keefe, Bruyette & Woods

CVB Financial (NASDAQ:CVBF) was upgraded by equities researchers at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Briefing.com reports. The brokerage currently has a $22.00 price target on the financial services provider’s stock, up from their prior price target of $20.00. Keefe, Bruyette & Woods’ target price points to a potential upside of 26.51% from the company’s current price.

Several other research firms also recently weighed in on CVBF. 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. Wedbush cut their price objective on CVB Financial from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.25.

CVB Financial Stock Down 2.4 %

Shares of NASDAQ CVBF opened at $17.39 on Wednesday. The stock has a market capitalization of $2.43 billion, a PE ratio of 11.44 and a beta of 0.45. The firm has a fifty day moving average of $17.77 and a 200-day moving average of $17.24. CVB Financial has a 52-week low of $14.62 and a 52-week high of $21.77.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.34 by $0.02. The company had revenue of $125.27 million for the quarter, compared to analyst estimates of $126.86 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same period last year, the company posted $0.40 earnings per share. Equities research analysts expect that CVB Financial will post 1.4 EPS for the current fiscal year.

Institutional Trading of CVB Financial

A number of large investors have recently modified their holdings of the company. Dark Forest Capital Management LP lifted its holdings in CVB Financial by 55.0% in the second quarter. Dark Forest Capital Management LP now owns 44,327 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 15,735 shares during the period. AQR Capital Management LLC lifted its stake in shares of CVB Financial by 132.1% in the 2nd quarter. AQR Capital Management LLC now owns 24,196 shares of the financial services provider’s stock worth $417,000 after acquiring an additional 13,771 shares during the period. Marshall Wace LLP bought a new position in shares of CVB Financial in the second quarter valued at approximately $856,000. Bank of Montreal Can increased its position in shares of CVB Financial by 237.9% during the 2nd quarter. Bank of Montreal Can now owns 70,072 shares of the financial services provider’s stock valued at $1,208,000 after purchasing an additional 49,333 shares during the period. Finally, Public Sector Pension Investment Board boosted its position in shares of CVB Financial by 7.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 291,836 shares of the financial services provider’s stock valued at $5,031,000 after purchasing an additional 20,498 shares in the last quarter. Institutional investors and hedge funds 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.