Keefe, Bruyette & Woods Cuts CVB Financial (NASDAQ:CVBF) Price Target to $24.00

Key Points

• Keefe, Bruyette & Woods has lowered the price target for CVB Financial from $25.00 to $24.00, while maintaining an "outperform" rating, implying a potential upside of 21.46% from the previous close.
• Piper Sandler also cut its price objective for CVB Financial to $24.00 and set an "overweight" rating for the company.
• CVB Financial's stock has experienced a 5.6% decline and is currently trading at $19.76, with a market capitalization of $2.72 billion.

CVB Financial (NASDAQ:CVBF - Get Free Report) had its price target decreased by equities researchers at Keefe, Bruyette & Woods from $25.00 to $24.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price indicates a potential upside of 21.46% from the company's previous close.

Separately, Piper Sandler reduced their price objective on shares of CVB Financial from $25.00 to $24.00 and set an "overweight" rating for the company in a report on Monday, April 28th.

CVB Financial Trading Down 5.6%

CVBF opened at $19.76 on Friday. The stock has a market capitalization of $2.72 billion, a P/E ratio of 13.63 and a beta of 0.67. The firm's fifty day simple moving average is $19.62 and its 200 day simple moving average is $19.39. CVB Financial has a 12 month low of $16.01 and a 12 month high of $24.58.

CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. The company had revenue of $126.35 million during the quarter, compared to the consensus estimate of $127.95 million. CVB Financial had a net margin of 30.99% and a return on equity of 9.24%. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, equities research analysts predict that CVB Financial will post 1.41 EPS for the current fiscal year.

Institutional Investors Weigh In On CVB Financial

Several large investors have recently bought and sold shares of CVBF. Capital Research Global Investors purchased a new stake in shares of CVB Financial during the fourth quarter valued at $94,382,000. Massachusetts Financial Services Co. MA acquired a new position in CVB Financial in the 4th quarter worth approximately $31,064,000. Norges Bank acquired a new position in CVB Financial in the 4th quarter worth approximately $27,724,000. Parallel Advisors LLC lifted its position in shares of CVB Financial by 29.7% during the 1st quarter. Parallel Advisors LLC now owns 3,822,248 shares of the financial services provider's stock valued at $70,559,000 after buying an additional 874,631 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of CVB Financial by 99.6% during the 4th quarter. Wellington Management Group LLP now owns 969,415 shares of the financial services provider's stock valued at $20,755,000 after buying an additional 483,844 shares in the last quarter. Institutional investors own 74.18% of the company's stock.

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.

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