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

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Zacks Investment Research upgraded shares of CVB Financial (NASDAQ:CVBF) from a sell rating to a hold rating in a research note released on Tuesday morning, 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. “

A number of other research analysts also recently weighed in on the company. DA Davidson restated a neutral rating on shares of CVB Financial in a research note on Monday, January 27th. BidaskClub downgraded CVB Financial from a hold rating to a sell rating in a research note on Friday, May 15th. Finally, Hovde Group downgraded CVB Financial from a market perform rating to an underperform rating and lifted their target price for the stock from $18.00 to $19.00 in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. CVB Financial currently has an average rating of Hold and an average price target of $21.67.

CVBF stock traded down $0.08 during mid-day trading on Tuesday, reaching $18.03. The company had a trading volume of 383,537 shares, compared to its average volume of 702,097. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a 50 day simple moving average of $19.15 and a two-hundred day simple moving average of $20.30. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of 12.97 and a beta of 0.71. CVB Financial has a 52 week low of $14.91 and a 52 week high of $22.23.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.04). The company had revenue of $101.95 million during the quarter, compared to the consensus estimate of $114.73 million. CVB Financial had a net margin of 38.52% and a return on equity of 9.91%. The firm’s revenue for the quarter was down 18.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 earnings per share. On average, equities analysts predict that CVB Financial will post 1.19 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of CVBF. First Trust Advisors LP boosted its stake in shares of CVB Financial by 4.3% during the 1st quarter. First Trust Advisors LP now owns 174,758 shares of the financial services provider’s stock worth $3,679,000 after acquiring an additional 7,255 shares during the period. State Street Corp boosted its stake in shares of CVB Financial by 6.5% during the 3rd quarter. State Street Corp now owns 4,566,338 shares of the financial services provider’s stock worth $95,299,000 after acquiring an additional 276,791 shares during the period. Campbell & CO Investment Adviser LLC boosted its stake in shares of CVB Financial by 229.0% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 86,077 shares of the financial services provider’s stock worth $1,858,000 after acquiring an additional 59,917 shares during the period. California Public Employees Retirement System lifted its holdings in CVB Financial by 0.3% during the 4th quarter. California Public Employees Retirement System now owns 315,971 shares of the financial services provider’s stock worth $6,819,000 after purchasing an additional 1,078 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in CVB Financial by 120.5% during the 4th quarter. SG Americas Securities LLC now owns 15,386 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 8,407 shares during the last quarter. Institutional investors own 72.63% of the company’s stock.

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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