CVB Financial (NASDAQ:CVBF) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of CVB Financial (NASDAQ:CVBF) from a sell rating to a hold rating in a research note issued to investors on Monday, Zacks.com reports.

According to Zacks, “CVB Financial Corp. is a bank holding company. CVB’s principal business is to serve as a holding company for the Bank, Community, Ventures, and for other banking or banking related subsidiaries which the Company may establish or acquire. Through its network of banking offices, the Bank emphasizes personalized service combined with offering a full range of banking and trust services to businesses, professionals and individuals located in the service areas of its offices. “

Other equities research analysts have also recently issued reports about the company. BidaskClub cut Zynerba Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, June 26th. FIG Partners reaffirmed an outperform rating on shares of SmartFinancial in a research note on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $24.90.

Shares of CVB Financial stock traded up $0.17 during midday trading on Monday, reaching $20.84. 642,600 shares of the company’s stock traded hands, compared to its average volume of 478,459. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $2.91 billion, a P/E ratio of 16.81, a PEG ratio of 1.50 and a beta of 1.08. The company’s 50 day moving average is $21.06. CVB Financial has a 12 month low of $19.21 and a 12 month high of $24.97.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. The company had revenue of $125.84 million during the quarter, compared to the consensus estimate of $121.24 million. CVB Financial had a return on equity of 10.16% and a net margin of 37.39%. During the same quarter in the prior year, the company earned $0.32 earnings per share. Research analysts anticipate that CVB Financial will post 1.48 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 3rd will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, July 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.45%. CVB Financial’s dividend payout ratio is currently 58.06%.

In related news, CEO Christopher D. Myers sold 50,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $22.05, for a total transaction of $1,102,500.00. Following the sale, the chief executive officer now directly owns 234,157 shares of the company’s stock, valued at $5,163,161.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anna Kan sold 4,660 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $21.74, for a total value of $101,308.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 147,660 shares of company stock worth $3,228,758. Insiders own 5.50% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its holdings in CVB Financial by 21.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,390 shares of the financial services provider’s stock valued at $69,000 after buying an additional 601 shares during the last quarter. New York State Common Retirement Fund raised its stake in CVB Financial by 80.5% during the fourth quarter. New York State Common Retirement Fund now owns 362,200 shares of the financial services provider’s stock worth $7,327,000 after acquiring an additional 161,500 shares during the period. BlackRock Inc. raised its stake in CVB Financial by 2.2% during the fourth quarter. BlackRock Inc. now owns 15,840,480 shares of the financial services provider’s stock worth $320,453,000 after acquiring an additional 344,230 shares during the period. Texas Permanent School Fund raised its stake in CVB Financial by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 67,038 shares of the financial services provider’s stock worth $1,356,000 after acquiring an additional 2,596 shares during the period. Finally, Citigroup Inc. raised its stake in CVB Financial by 65.0% during the fourth quarter. Citigroup Inc. now owns 80,810 shares of the financial services provider’s stock worth $1,635,000 after acquiring an additional 31,849 shares during the period. 63.83% of the stock is currently owned by institutional investors.

About CVB Financial

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking and financial products and services. The company offers checking, savings, and money market accounts, as well as time certificates of deposit; and serves as a federal tax depository for business customers.

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