CVB Financial (NASDAQ:CVBF) Downgraded by Janney Montgomery Scott to ‘Neutral’

Janney Montgomery Scott downgraded the company’s shares CVB Financial (NASDAQ:CVBF – Free Report) from a buy rating to neutral in a research note published Wednesday morning, Marketbeat reports.

Other analysts have also published research reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of CVB Financial from $20.00 to $19.00 and set a “market perform” rating for the company in a research note on Friday, April 26th. Wedbush maintained a Neutral rating and set a $19.00 price target on shares of CVB Financial in a research note on Thursday, April 25th. Hovde Group downgraded CVB Financial from an “outperform” rating to a “market perform” rating and set a price target for the company at $18.00. in a research note dated Monday, April 22. Finally, Stephens maintained an equal weight rating and set a $20.00 price target on shares of CVB Financial in a research note on Thursday, April 25th. One analyst rated the company’s stock with a sell rating and five rated the company’s stock with a hold rating. According to MarketBeat.com, CVB Financial currently has an average rating of Hold and a consensus price target of $19.00.

Check out our latest research report on CVBF

CVB’s financial turnover decreased by 1.8%

Shares of NASDAQ:CVBF opened at $16.75 on Wednesday. The company has a 50-day simple moving average of $16.89 and a 200-day simple moving average of $17.84. The company has a market capitalization of $2.34 billion, a PE ratio of 11.02 and a beta of 0.47. CVB Financial has a 12 month low of $11.83 and a 12 month high of $21.77.

CVB Financial (NASDAQ:CVBF – Get Free Report) last released its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting analyst consensus estimates of $0.35. The company had revenue of $126.57 million for the quarter, compared to analyst estimates of $127.46 million. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. The company’s revenues decreased by 8.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.42 per share. As a group, equity research analysts forecast CVB Financial to post 1.41 EPS in the current financial year.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 17. On Wednesday, April 3, shareholders of record received a dividend of $0.20 per share. This translates into an annual dividend of $0.80 and a dividend yield of 4.78%. The dividend payment date was Tuesday, April 2. CVB Financial’s dividend payout ratio (DPR) is 52.63%.

Hedge funds charge CVB Financial

Several hedge funds and other institutional investors have recently modified their holdings in the company. In the fourth quarter, Vanguard Group Inc. increased its stake in CVB Financial shares by 1.1%. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider’s stock valued at $317,014,000 after acquiring an additional 176,694 shares during the period. Dimensional Fund Advisors LP increased its holdings in CVB Financial by 16.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,290,055 shares of the financial services provider’s stock valued at $86,619,000 after purchasing an additional 594,901 shares during the period. During the third quarter, American Century Companies Inc. increased its shares in CVB Financial by 44.1%. American Century Companies Inc. now owns 3,937,457 shares of the financial services provider’s stock valued at $65,244,000 after purchasing an additional 1,204,090 shares during the period. In the fourth quarter, Goldman Sachs Group Inc. increased its shares in CVB Financial by 104.8%. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock valued at $78,694,000 after purchasing an additional 1,994,369 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in CVB Financial by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,784,666 shares of the financial services provider’s stock valued at $76,412,000 after purchasing an additional 190,343 shares during the period. Institutional investors and hedge funds hold 74.18% of the company’s shares.

About CVB Financial

(Get the free report)

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-authorized bank that provides banking and financial services to small and medium-sized enterprises and individuals. Offers checking, savings, cash and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.

Further reading

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