Zacks Investment Research upgraded shares of CVB Financial (NASDAQ:CVBF) from a hold rating to a buy rating in a research report sent to investors on Tuesday, Zacks.com reports. They currently have $25.00 price objective on the financial services provider’s stock.
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. “
Shares of CVBF stock opened at $22.06 on Tuesday. The company has a market cap of $3.00 billion, a P/E ratio of 14.71 and a beta of 0.54. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.01. The business’s 50-day moving average is $21.97. CVB Financial has a 52 week low of $15.57 and a 52 week high of $25.00.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 14th. Shareholders of record on Wednesday, March 31st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend was Tuesday, March 30th. CVB Financial’s dividend payout ratio is currently 55.38%.
A number of hedge funds and other institutional investors have recently bought and sold shares of CVBF. First Trust Advisors LP boosted its holdings in CVB Financial by 4.3% in the 1st quarter. First Trust Advisors LP now owns 174,758 shares of the financial services provider’s stock valued at $3,679,000 after purchasing an additional 7,255 shares during the period. Comerica Bank boosted its holdings in CVB Financial by 0.4% in the 4th quarter. Comerica Bank now owns 136,097 shares of the financial services provider’s stock valued at $2,933,000 after purchasing an additional 504 shares during the period. Victory Capital Management Inc. boosted its holdings in CVB Financial by 5.7% in the 4th quarter. Victory Capital Management Inc. now owns 29,861 shares of the financial services provider’s stock valued at $582,000 after purchasing an additional 1,623 shares during the period. California Public Employees Retirement System boosted its holdings in CVB Financial by 17.3% in the 4th quarter. California Public Employees Retirement System now owns 343,895 shares of the financial services provider’s stock valued at $6,706,000 after purchasing an additional 50,717 shares during the period. Finally, SG Americas Securities LLC bought a new stake in CVB Financial in the 4th quarter valued at about $150,000. 69.13% of the stock is owned by hedge funds and other institutional investors.
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. The company 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.
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