CVB Financial (NASDAQ:CVBF) Rating Lowered to Sell at BidaskClub

CVB Financial (NASDAQ:CVBF) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, June 26th, BidAskClub reports.

Several other brokerages have also weighed in on CVBF. Zacks Investment Research lowered shares of German American Bancorp. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. FIG Partners reiterated an “outperform” rating on shares of SmartFinancial in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $24.90.

Shares of CVBF stock traded up $0.16 during trading hours on Wednesday, reaching $20.80. 345,531 shares of the company were exchanged, compared to its average volume of 477,597. CVB Financial has a fifty-two week low of $19.21 and a fifty-two week high of $24.97. The business has a fifty day moving average price of $21.04. The firm has a market cap of $2.91 billion, a P/E ratio of 16.77, a price-to-earnings-growth ratio of 1.48 and a beta of 1.07. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.85.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.03. The firm had revenue of $125.84 million during the quarter, compared to the consensus estimate of $121.24 million. CVB Financial had a net margin of 37.39% and a return on equity of 10.16%. During the same quarter in the prior year, the firm earned $0.32 earnings per share. As a group, sell-side analysts predict that CVB Financial will post 1.48 EPS for the current year.

In related news, CEO Christopher D. Myers sold 53,000 shares of CVB Financial stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $21.71, for a total transaction of $1,150,630.00. Following the completion of the transaction, the chief executive officer now directly owns 295,200 shares in the company, valued at $6,408,792. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Anna Kan sold 4,660 shares of CVB Financial stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $21.74, for a total value of $101,308.40. The disclosure for this sale can be found here. Insiders have sold 147,660 shares of company stock valued at $3,228,758 in the last three months. Insiders own 5.50% of the company’s stock.

Several large investors have recently modified their holdings of the company. Bank of America Corp DE grew its stake in CVB Financial by 57.3% during the 4th quarter. Bank of America Corp DE now owns 403,042 shares of the financial services provider’s stock worth $8,154,000 after purchasing an additional 146,887 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new position in shares of CVB Financial during the 4th quarter worth about $788,000. HAP Trading LLC acquired a new position in shares of CVB Financial during the 4th quarter worth about $382,000. Employees Retirement System of Texas acquired a new position in shares of CVB Financial during the 4th quarter worth about $1,436,000. Finally, Citigroup Inc. boosted its position in shares of CVB Financial by 65.0% in the 4th quarter. Citigroup Inc. now owns 80,810 shares of the financial services provider’s stock valued at $1,635,000 after purchasing an additional 31,849 shares during the period. 63.83% of the stock is currently 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 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.

Further Reading: What are Closed-End Mutual Funds?

Receive News & Ratings for CVB Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVB Financial and related companies with MarketBeat.com's FREE daily email newsletter.