Zacks Investment Research cut shares of CVB Financial Corporation (NASDAQ:CVBF) from a buy rating to a hold rating in a report published on Tuesday.

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. “

A number of other equities research analysts have also recently weighed in on CVBF. BidaskClub cut CVB Financial Corporation from a sell rating to a strong sell rating in a research note on Tuesday. Wedbush reiterated a neutral rating and issued a $22.00 price objective on shares of CVB Financial Corporation in a research note on Tuesday, June 27th. Keefe, Bruyette & Woods set a $23.00 price objective on CVB Financial Corporation and gave the company a hold rating in a research note on Tuesday, July 4th. Piper Jaffray Companies reduced their price objective on CVB Financial Corporation from $22.00 to $21.00 and set a neutral rating for the company in a research note on Monday, April 17th. Finally, Hovde Group upgraded CVB Financial Corporation from an underperform rating to a market perform rating and set a $21.00 price objective for the company in a research note on Friday, May 19th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. CVB Financial Corporation has an average rating of Hold and a consensus price target of $21.50.

Shares of CVB Financial Corporation (CVBF) traded down 0.60% during trading on Tuesday, reaching $21.47. 238,866 shares of the company traded hands. CVB Financial Corporation has a 1-year low of $16.11 and a 1-year high of $24.63. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 21.34 and a beta of 1.53. The stock’s 50 day moving average is $22.13 and its 200 day moving average is $22.09.

CVB Financial Corporation (NASDAQ:CVBF) last posted its earnings results on Wednesday, July 19th. The financial services provider reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The firm had revenue of $81.26 million during the quarter, compared to analysts’ expectations of $80.10 million. CVB Financial Corporation had a return on equity of 10.67% and a net margin of 35.33%. During the same quarter in the previous year, the business earned $0.23 earnings per share. On average, analysts forecast that CVB Financial Corporation will post $1.06 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 20th. Shareholders of record on Thursday, July 6th were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, July 3rd. This represents a $0.56 dividend on an annualized basis and a yield of 2.61%. This is a boost from CVB Financial Corporation’s previous quarterly dividend of $0.12. CVB Financial Corporation’s payout ratio is currently 56.00%.

In other CVB Financial Corporation news, EVP David A. Brager sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $22.13, for a total value of $44,260.00. Following the completion of the sale, the executive vice president now owns 43,013 shares in the company, valued at $951,877.69. The sale was disclosed in a document filed with the SEC, which is available through this link. 7.80% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVBF. Strs Ohio raised its position in CVB Financial Corporation by 12.5% in the second quarter. Strs Ohio now owns 4,500 shares of the financial services provider’s stock worth $100,000 after buying an additional 500 shares during the last quarter. Cutler Capital Management LLC bought a new position in CVB Financial Corporation during the first quarter worth about $120,000. Gradient Investments LLC raised its position in CVB Financial Corporation by 9.0% in the second quarter. Gradient Investments LLC now owns 7,302 shares of the financial services provider’s stock worth $164,000 after buying an additional 600 shares during the last quarter. Bank of Montreal Can raised its position in CVB Financial Corporation by 8.6% in the first quarter. Bank of Montreal Can now owns 8,161 shares of the financial services provider’s stock worth $180,000 after buying an additional 649 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in CVB Financial Corporation by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 11,180 shares of the financial services provider’s stock worth $246,000 after buying an additional 310 shares during the last quarter. 67.95% of the stock is currently owned by institutional investors and hedge funds.

About CVB Financial Corporation

CVB Financial Corp. (CVB) is the bank holding company for Citizens Business Bank (the Bank). The Bank operates through two segments: Business Financial and Commercial Banking Centers (Centers), and Other Operations. The Company’s administrative and other smaller operating departments are combined into the Other segment.

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Analyst Recommendations for CVB Financial Corporation (NASDAQ:CVBF)

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