FIG Partners Upgrades CVB Financial (CVBF) to Outperform

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FIG Partners upgraded shares of CVB Financial (NASDAQ:CVBF) from a market perform rating to an outperform rating in a report issued on Thursday, October 25th, Marketbeat.com reports.

Several other brokerages have also recently weighed in on CVBF. Zacks Investment Research raised shares of CVB Financial from a sell rating to a hold rating in a research report on Tuesday, July 24th. BidaskClub cut shares of CVB Financial from a hold rating to a sell rating in a research report on Friday, September 14th. Hovde Group set a $25.00 price target on shares of CVB Financial and gave the stock a hold rating in a research report on Monday, July 23rd. Piper Jaffray Companies set a $25.00 target price on shares of CVB Financial and gave the company a hold rating in a research report on Monday, July 30th. Finally, Wedbush reissued a neutral rating on shares of CVB Financial in a research report on Monday, July 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $25.10.

NASDAQ:CVBF traded down $0.13 during mid-day trading on Thursday, hitting $22.40. 464,973 shares of the stock traded hands, compared to its average volume of 823,412. The company has a current ratio of 0.81, a quick ratio of 0.72 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 1.86 and a beta of 1.24. CVB Financial has a 52 week low of $19.50 and a 52 week high of $25.49.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, October 24th. The financial services provider reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.02). The company had revenue of $103.43 million during the quarter, compared to the consensus estimate of $102.47 million. CVB Financial had a return on equity of 11.11% and a net margin of 34.92%. CVB Financial’s revenue was up 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 earnings per share. As a group, equities analysts forecast that CVB Financial will post 1.27 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 18th. Stockholders of record on Wednesday, October 3rd were paid a $0.14 dividend. The ex-dividend date was Tuesday, October 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.50%. CVB Financial’s payout ratio is currently 52.34%.

In other news, EVP Yamynn Deangelis sold 10,000 shares of the stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $22.43, for a total value of $224,300.00. Following the sale, the executive vice president now owns 69,003 shares in the company, valued at $1,547,737.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.90% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in CVBF. Schwab Charles Investment Management Inc. grew its position in CVB Financial by 6.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 652,102 shares of the financial services provider’s stock valued at $14,621,000 after buying an additional 40,758 shares during the period. Northern Trust Corp grew its position in CVB Financial by 0.9% during the second quarter. Northern Trust Corp now owns 2,348,953 shares of the financial services provider’s stock valued at $52,663,000 after buying an additional 21,711 shares during the period. Aperio Group LLC grew its position in CVB Financial by 40.5% during the second quarter. Aperio Group LLC now owns 41,843 shares of the financial services provider’s stock valued at $938,000 after buying an additional 12,058 shares during the period. Legal & General Group Plc grew its position in CVB Financial by 6.3% during the first quarter. Legal & General Group Plc now owns 218,229 shares of the financial services provider’s stock valued at $4,948,000 after buying an additional 12,866 shares during the period. Finally, UBS Group AG grew its position in CVB Financial by 5.8% during the first quarter. UBS Group AG now owns 70,136 shares of the financial services provider’s stock valued at $1,588,000 after buying an additional 3,860 shares during the period. Hedge funds and other institutional investors own 70.17% of the company’s stock.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking, lending, and investment services. It operates in two segments, Banking Centers; and Dairy & Livestock and Agribusiness. The company offers checking, savings, and money market accounts, as well as time certificates of deposit; and serves as a federal tax depository for business customers.

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Analyst Recommendations for CVB Financial (NASDAQ:CVBF)

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