CVB Financial (NASDAQ:CVBF) Price Target Raised to $25.00

Key Points

• DA Davidson raised CVB Financial’s price target from $22.50 to $25.00 while maintaining a “neutral” rating, implying approximately 10.82% upside. The analyst consensus is “Moderate Buy,” with an average target price of $25.00.
• CVB Financial reported quarterly EPS of $0.29, slightly below the $0.30 consensus estimate, while revenue of $179.43 million also missed expectations of $184.62 million.
• The company’s stock opened at $22.56, near its 52-week high of $23.36, and institutional investors own 74.18% of shares. Director George A. Borba, Jr. also increased his position by purchasing nearly $1 million in stock.

CVB Financial (NASDAQ:CVBF - Get Free Report) had its target price boosted by equities research analysts at DA Davidson from $22.50 to $25.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. DA Davidson's price objective would indicate a potential upside of 10.82% from the company's current price.

CVBF has been the topic of several other research reports. Raymond James Financial upgraded shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price target on the stock in a report on Wednesday, July 1st. Piper Sandler upped their price objective on shares of CVB Financial from $26.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Stephens reiterated an "equal weight" rating and issued a $23.00 price objective on shares of CVB Financial in a research note on Tuesday, June 16th. Finally, Weiss Ratings upgraded shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $25.00.

CVB Financial Price Performance

CVB Financial stock opened at $22.56 on Friday. The business's 50-day simple moving average is $21.49 and its two-hundred day simple moving average is $20.44. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.73 and a current ratio of 0.77. The company has a market cap of $3.98 billion, a PE ratio of 15.56 and a beta of 0.65. CVB Financial has a fifty-two week low of $17.94 and a fifty-two week high of $23.36.

CVB Financial (NASDAQ:CVBF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.The firm had revenue of $179.43 million during the quarter, compared to analysts' expectations of $184.62 million. During the same quarter in the previous year, the business earned $0.36 earnings per share. Equities analysts anticipate that CVB Financial will post 1.66 EPS for the current year.

Insider Transactions at CVB Financial

In related news, Director George A. Borba, Jr. purchased 50,242 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was bought at an average cost of $19.90 per share, with a total value of $999,815.80. Following the completion of the acquisition, the director owned 796,024 shares of the company's stock, valued at $15,840,877.60. The trade was a 6.74% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 6.40% of the company's stock.

Hedge Funds Weigh In On CVB Financial

Several large investors have recently made changes to their positions in CVBF. Royal Bank of Canada grew its position in CVB Financial by 28.7% during the first quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider's stock valued at $698,000 after buying an additional 8,432 shares during the period. AQR Capital Management LLC raised its position in shares of CVB Financial by 36.6% in the first quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider's stock worth $895,000 after acquiring an additional 12,992 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of CVB Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider's stock worth $1,456,000 after acquiring an additional 3,442 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of CVB Financial by 848.1% during the 1st quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider's stock worth $300,000 after acquiring an additional 13,527 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of CVB Financial by 9.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider's stock valued at $8,458,000 after acquiring an additional 38,250 shares during the period. 74.18% of the stock is currently owned by institutional investors and hedge funds.

CVB Financial Company Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company's core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.

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