Analysts Set CVB Financial Corp. (NASDAQ:CVBF) Target Price at $21.80

Shares of CVB Financial Corp. (NASDAQ:CVBF) have been assigned an average recommendation of “Hold” from the six ratings firms that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $21.80.

A number of equities analysts have commented on the company. Piper Sandler reduced their price objective on CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Keefe, Bruyette & Woods increased their price objective on shares of CVB Financial from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $20.00 target price on shares of CVB Financial in a research note on Thursday, October 24th.

CVB Financial Stock Down 1.1 %

Shares of CVBF stock opened at $21.71 on Tuesday. The company has a market capitalization of $3.03 billion, a P/E ratio of 15.18 and a beta of 0.49. CVB Financial has a 12-month low of $15.71 and a 12-month high of $24.58. The firm has a 50-day moving average price of $21.99 and a 200 day moving average price of $19.28.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The company had revenue of $126.45 million during the quarter, compared to analysts’ expectations of $126.75 million. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. CVB Financial’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 earnings per share. As a group, research analysts expect that CVB Financial will post 1.43 earnings per share for the current year.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Tuesday, December 31st. CVB Financial’s dividend payout ratio (DPR) is presently 55.94%.

Institutional Investors Weigh In On CVB Financial

A number of institutional investors and hedge funds have recently modified their holdings of CVBF. JPMorgan Chase & Co. grew its holdings in CVB Financial by 25.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 363,494 shares of the financial services provider’s stock worth $6,477,000 after acquiring an additional 74,004 shares during the period. Geode Capital Management LLC grew its stake in shares of CVB Financial by 0.5% during the third quarter. Geode Capital Management LLC now owns 3,164,463 shares of the financial services provider’s stock worth $56,401,000 after purchasing an additional 15,628 shares during the period. Barclays PLC increased its holdings in CVB Financial by 79.5% in the third quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock valued at $5,186,000 after purchasing an additional 128,869 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in CVB Financial in the third quarter valued at about $597,000. Finally, Jane Street Group LLC boosted its holdings in CVB Financial by 11.8% during the third quarter. Jane Street Group LLC now owns 136,780 shares of the financial services provider’s stock worth $2,437,000 after buying an additional 14,384 shares during the last quarter. 74.18% of the stock is owned by institutional investors.

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.