CVB Financial (NASDAQ:CVBF) Upgraded to "Overweight" at Stephens

Key Points

• Stephens upgraded CVB Financial to “overweight” from “equal weight” and set a $27 price target, implying approximately 18% upside. Analysts overall hold a “Moderate Buy” consensus with an average target of $26.25.
• CVB Financial’s latest quarterly results fell slightly short of expectations, with EPS of $0.29 versus the $0.30 estimate and revenue of $179.43 million versus $184.62 million expected.
• The stock opened at $22.89, near its 52-week high, while institutional investors own 74.18% of shares. Recent insider activity included a director’s purchase of nearly $500,000 in stock and a COO’s sale of $917,600.

CVB Financial (NASDAQ:CVBF - Get Free Report) was upgraded by Stephens from an "equal weight" rating to an "overweight" rating in a report issued on Thursday, MarketBeat.com reports. The brokerage presently has a $27.00 price objective on the financial services provider's stock. Stephens' price objective would indicate a potential upside of 17.96% from the stock's current price.

Several other analysts also recently commented on the company. Weiss Ratings raised CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. Raymond James Financial upgraded shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price objective for the company in a research report on Wednesday, July 1st. Piper Sandler lifted their price target on CVB Financial from $27.00 to $28.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Finally, DA Davidson raised their target price on CVB Financial from $22.50 to $25.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $26.25.

CVB Financial Stock Down 0.9%

CVB Financial stock opened at $22.89 on Thursday. The stock has a 50-day simple moving average of $21.88 and a 200-day simple moving average of $20.64. The company has a market capitalization of $4.04 billion, a P/E ratio of 15.79 and a beta of 0.65. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.73 and a current ratio of 0.77. 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 earnings results on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.The business had revenue of $179.43 million for the quarter, compared to analysts' expectations of $184.62 million. During the same quarter last year, the business posted $0.36 earnings per share. Equities research analysts expect that CVB Financial will post 1.72 earnings per share for the current year.

Insider Activity at CVB Financial

In other news, Director George A. Borba, Jr. bought 25,187 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was purchased at an average price of $19.85 per share, for a total transaction of $499,961.95. Following the transaction, the director owned 846,308 shares in the company, valued at approximately $16,799,213.80. This trade represents a 3.07% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, COO David C. Harvey sold 40,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total value of $917,600.00. Following the completion of the transaction, the chief operating officer directly owned 98,149 shares of the company's stock, valued at $2,251,538.06. This trade represents a 28.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have bought a total of 95,429 shares of company stock worth $1,955,178 in the last ninety days. 6.40% of the stock is owned by insiders.

Institutional Trading of CVB Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CVBF. HoldCo Asset Management LP grew its stake in shares of CVB Financial by 17,051.0% in the 4th quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider's stock worth $41,366,000 after purchasing an additional 2,211,005 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in CVB Financial by 71.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,221,437 shares of the financial services provider's stock valued at $23,684,000 after purchasing an additional 507,228 shares during the last quarter. Weiss Asset Management LP bought a new stake in CVB Financial during the first quarter worth approximately $8,303,000. Bernzott Capital Advisors bought a new stake in CVB Financial during the first quarter worth approximately $8,054,000. Finally, Bessemer Group Inc. grew its position in CVB Financial by 34.1% in the first quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider's stock worth $28,439,000 after buying an additional 372,732 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors.

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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