Wedbush Maintains Neutral Position on CVB Financial with $20.00 Target Price

The financial services provider CVB Financial (NASDAQ:CVBF) has received a reaffirmation of its "neutral" rating from Wedbush, as stated in a report released on Thursday. The analysts at Wedbush have set a target price of $20.00 for the company’s shares, which represents a potential upside of approximately 4.38% from its previous close.

Market Analysts' Insights

Other brokerage firms have also weighed in on CVB Financial. For instance, on October 2nd, Keefe, Bruyette & Woods upgraded the stock from a "market perform" rating to an "outperform" rating, raising their price target from $20.00 to $22.00. Similarly, Stephens adjusted their target price from $19.00 to $21.00, assigning an "equal weight" rating to the stock. On the whole, the consensus from various analysts is mixed, with one sell rating, four hold ratings, and one buy rating reported. According to MarketBeat, CVB Financial’s stock currently holds a consensus rating of "Hold" with an average target price of $20.25.

Recent Stock Performance

On the trading day following Wedbush's report, CVB Financial shares saw a slight increase of 0.9%, rising $0.17 to reach $19.16. In total, 46,880 shares were exchanged, which is lower than its average trading volume of 826,734 shares. Over the past year, CVB Financial has experienced a low of $14.62 and a high of $21.77, and the company boasts a market capitalization of $2.68 billion along with a price-to-earnings ratio of 12.61 and a beta of 0.45. The stock's 50-day and 200-day moving averages stand at $18.02 and $17.42, respectively.

Earnings Overview

On October 23rd, CVB Financial released its latest earnings report, which revealed an earnings per share (EPS) of $0.37 for the quarter, exceeding analysts’ expectations of $0.35 by $0.02. The firm reported revenue of $126.45 million, which was slightly below the projected figure of $126.75 million. CVB Financial noted a net margin of 29.58% and a return on equity of 10.41%. However, this revenue marks an 8.2% decrease compared to the same quarter last year, during which the company recorded an EPS of $0.42. Analysts predict the company will achieve an EPS of $1.40 for the current fiscal year.

Institutional Ownership Trends

Recent adjustments in holdings from several hedge funds indicate growing interest in CVB Financial. For example, the Arizona State Retirement System raised its stake by 1.9% during the second quarter, acquiring an additional 725 shares. Vanguard Personalized Indexing Management has also increased its stake by 5.4%, adding 748 shares to its portfolio. Additionally, GAMMA Investing LLC raised its holdings by 21.7% in the third quarter, while AlphaMark Advisors LLC grew its position by 4.7%. Following these adjustments, institutional investors currently own approximately 74.18% of CVB Financial’s stock.

About CVB Financial

CVB Financial Corp. serves as the bank holding company for Citizens Business Bank, a state-chartered institution that provides banking and financial services tailored to the needs of small to mid-sized businesses and individual clients. Their offerings include a range of deposit accounts such as checking, savings, money market, and time certificates of deposit, and they also serve as a federal tax depository for business clients.

CVB, Financial, Stock