CVB Financial (NASDAQ:CVBF) Lifted to “Outperform” at Keefe, Bruyette & Woods

CVB Financial (NASDAQ:CVBF) was upgraded by investment analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $22.00 price objective on the financial services provider’s stock, up from their prior price objective of $20.00. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 21.82% from the company’s previous close.

CVBF has been the topic of a number of other research reports. Wedbush cut their target price on CVB Financial from $21.00 to $20.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Stephens lifted their target price on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, CVB Financial has an average rating of “Hold” and a consensus price target of $20.25.

CVB Financial Price Performance

CVB Financial stock opened at $18.06 on Wednesday. The stock’s fifty day moving average is $17.71 and its two-hundred day moving average is $17.25. CVB Financial has a 1-year low of $14.62 and a 1-year high of $21.77. The stock has a market cap of $2.52 billion, a PE ratio of 11.88 and a beta of 0.45.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business had revenue of $125.27 million for the quarter, compared to analysts’ expectations of $126.86 million. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The business’s revenue was down 5.2% compared to the same quarter last year. On average, research analysts expect that CVB Financial will post 1.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CVB Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new position in shares of CVB Financial during the third quarter worth about $107,000. Dark Forest Capital Management LP boosted its holdings in CVB Financial by 55.0% in the 2nd quarter. Dark Forest Capital Management LP now owns 44,327 shares of the financial services provider’s stock valued at $764,000 after purchasing an additional 15,735 shares in the last quarter. AQR Capital Management LLC boosted its holdings in CVB Financial by 132.1% in the 2nd quarter. AQR Capital Management LLC now owns 24,196 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 13,771 shares in the last quarter. Marshall Wace LLP purchased a new stake in CVB Financial in the 2nd quarter valued at approximately $856,000. Finally, Bank of Montreal Can boosted its holdings in CVB Financial by 237.9% in the 2nd quarter. Bank of Montreal Can now owns 70,072 shares of the financial services provider’s stock valued at $1,208,000 after purchasing an additional 49,333 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

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.