Piper Sandler Has Lowered Expectations for CVB Financial (NASDAQ:CVBF) Stock Price

CVB Financial (NASDAQ:CVBF - Free Report) had its price target trimmed by Piper Sandler from $25.00 to $23.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider's stock.

CVBF has been the subject of a number of other reports. Keefe, Bruyette & Woods upgraded CVB Financial from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $20.00 to $22.00 in a research report on Wednesday, October 2nd. Wedbush restated a "neutral" rating and set a $20.00 price target on shares of CVB Financial in a report on Thursday, October 24th. Finally, Stephens upped their price objective on shares of CVB Financial from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, CVB Financial has an average rating of "Hold" and an average target price of $20.80.

CVB Financial Stock Down 0.8 %

Shares of CVB Financial stock traded down $0.16 during trading on Friday, hitting $19.27. The stock had a trading volume of 572,092 shares, compared to its average volume of 825,214. The company has a market capitalization of $2.69 billion, a PE ratio of 13.50 and a beta of 0.45. CVB Financial has a 1 year low of $15.71 and a 1 year high of $21.77. The stock has a 50 day simple moving average of $18.32 and a 200 day simple moving average of $17.53.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The firm had revenue of $126.45 million for the quarter, compared to analysts' expectations of $126.75 million. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The company's quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 EPS. As a group, equities analysts expect that CVB Financial will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were issued a $0.20 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 4.15%. CVB Financial's dividend payout ratio is currently 55.94%.

Institutional Trading of CVB Financial

Institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of CVB Financial by 12.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,891 shares of the financial services provider's stock worth $1,434,000 after purchasing an additional 8,835 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in CVB Financial in the third quarter worth $27,000. Inspire Advisors LLC increased its position in CVB Financial by 4.1% during the third quarter. Inspire Advisors LLC now owns 89,011 shares of the financial services provider's stock worth $1,586,000 after buying an additional 3,527 shares during the last quarter. AlphaMark Advisors LLC raised its holdings in CVB Financial by 4.7% during the third quarter. AlphaMark Advisors LLC now owns 19,179 shares of the financial services provider's stock valued at $342,000 after buying an additional 859 shares in the last quarter. Finally, Diversified Trust Co lifted its position in shares of CVB Financial by 3.5% in the third quarter. Diversified Trust Co now owns 44,271 shares of the financial services provider's stock worth $789,000 after buying an additional 1,491 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

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.