CVB Financial (CVBF) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of CVB Financial (NASDAQ:CVBF) from a hold rating to a sell rating in a research report sent to investors on Monday.

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 analysts have also issued reports about the company. BidaskClub raised CVB Financial from a hold rating to a buy rating in a report on Thursday, August 2nd. Piper Jaffray Companies set a $25.00 target price on CVB Financial and gave the company a hold rating in a report on Monday, July 30th. Hovde Group set a $25.00 price objective on CVB Financial and gave the company a hold rating in a research note on Monday, July 23rd. Sandler O’Neill reiterated a hold rating and issued a $24.50 price objective on shares of CVB Financial in a research note on Friday, July 20th. Finally, Wedbush reiterated a neutral rating on shares of CVB Financial in a research note on Monday, July 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $25.10.

Shares of CVBF stock traded up $0.15 during trading on Monday, hitting $21.82. The company’s stock had a trading volume of 47,820 shares, compared to its average volume of 761,402. The firm has a market cap of $2.30 billion, a PE ratio of 20.40, a P/E/G ratio of 1.69 and a beta of 1.38. The company has a quick ratio of 0.72, a current ratio of 0.81 and a debt-to-equity ratio of 0.01. CVB Financial has a 52 week low of $19.50 and a 52 week high of $25.49.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, October 24th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.02). The business had revenue of $103.43 million during the quarter, compared to the consensus estimate of $102.47 million. CVB Financial had a net margin of 34.92% and a return on equity of 11.11%. The business’s revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.27 earnings per share. On average, research analysts expect that CVB Financial will post 1.3 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 18th. Investors of record on Wednesday, October 3rd were paid a $0.14 dividend. The ex-dividend date was Tuesday, October 2nd. This represents a $0.56 annualized dividend and a yield of 2.57%. CVB Financial’s payout ratio is 52.34%.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in CVB Financial by 8.6% in the second quarter. BlackRock Inc. now owns 14,463,980 shares of the financial services provider’s stock valued at $324,282,000 after purchasing an additional 1,139,617 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in CVB Financial by 6.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,496,914 shares of the financial services provider’s stock valued at $78,402,000 after purchasing an additional 215,461 shares during the last quarter. Northern Trust Corp lifted its position in shares of CVB Financial by 0.9% during the second quarter. Northern Trust Corp now owns 2,348,953 shares of the financial services provider’s stock worth $52,663,000 after acquiring an additional 21,711 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of CVB Financial by 2.4% during the first quarter. Principal Financial Group Inc. now owns 796,250 shares of the financial services provider’s stock worth $18,027,000 after acquiring an additional 18,837 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its position in shares of CVB Financial by 12.6% during the third quarter. Public Employees Retirement Association of Colorado now owns 750,051 shares of the financial services provider’s stock worth $16,741,000 after acquiring an additional 83,900 shares in the last quarter. Institutional investors and hedge funds own 70.05% of the company’s stock.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking, lending, and investment services. It operates in two segments, Banking Centers; and Dairy & Livestock and Agribusiness. 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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