CVB Financial (NASDAQ:CVBF) Stock Price Expected to Rise, Piper Sandler Analyst Says

Key Points

• Piper Sandler has increased its price target for CVB Financial from $24.00 to $26.00, indicating a potential upside of 33.64% from the current stock price.
• Keefe, Bruyette & Woods has downgraded CVB Financial's price objective from $25.00 to $24.00, maintaining an "outperform" rating.
• CVB Financial reported earnings of $0.36 per share for the last quarter, slightly surpassing analyst expectations, while revenue fell short at $126.35 million compared to the estimated $127.95 million.

CVB Financial (NASDAQ:CVBF - Get Free Report) had its price target raised by investment analysts at Piper Sandler from $24.00 to $26.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's target price points to a potential upside of 33.64% from the company's current price.

Separately, Keefe, Bruyette & Woods decreased their price objective on shares of CVB Financial from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Friday.

CVB Financial Stock Performance

CVBF traded up $0.19 on Monday, hitting $19.46. The company had a trading volume of 154,411 shares, compared to its average volume of 800,314. The stock has a fifty day moving average price of $19.61 and a 200-day moving average price of $19.37. CVB Financial has a 12-month low of $16.01 and a 12-month high of $24.58. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 13.41 and a beta of 0.67.

CVB Financial (NASDAQ:CVBF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.01. The firm had revenue of $126.35 million for the quarter, compared to analyst estimates of $127.95 million. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%. During the same period in the previous year, the company earned $0.36 earnings per share. Analysts forecast that CVB Financial will post 1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On CVB Financial

Institutional investors have recently bought and sold shares of the company. AlphaQuest LLC acquired a new position in shares of CVB Financial during the first quarter worth about $27,000. Nomura Asset Management Co. Ltd. grew its position in shares of CVB Financial by 80.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider's stock worth $35,000 after buying an additional 720 shares in the last quarter. Brooklyn Investment Group grew its position in shares of CVB Financial by 240,700.0% during the first quarter. Brooklyn Investment Group now owns 2,408 shares of the financial services provider's stock worth $44,000 after buying an additional 2,407 shares in the last quarter. Quarry LP boosted its holdings in CVB Financial by 877.3% in the first quarter. Quarry LP now owns 3,010 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 2,702 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in CVB Financial by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider's stock valued at $89,000 after purchasing an additional 3,719 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.

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