Janney gives a Buy recommendation for CVB Financial Corp. (CVBF)


CVB Financial Corp.’s recently made public that its Director Borba George A Jr acquired Company’s shares for reported $1.77 million on Aug 08. In the deal valued at $19.11 per share,92,704 shares were bought. As a result of this transaction, Borba George A Jr now holds 257,704 shares worth roughly $ 4.68 million.

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Then, Borba George A Jr bought 165,000 shares, generating $3,220,387 in total proceeds. Upon buying the shares at $19.52, the Director now owns 165,000 shares.

Before that, Farnsworth David F bought 1,250 shares. CVB Financial Corp. shares valued at $23,338 were divested by the EVP & CCO at a price of $18.67 per share. As a result of the transaction, Farnsworth David F now holds 43,113 shares, worth roughly $0.78 million.

Janney upgraded its CVB Financial Corp. [CVBF] rating to a Buy from a a Neutral in a research note published on Friday.

Price Performance Review of CVBF

On Friday, CVB Financial Corp. [NASDAQ:CVBF] saw its stock jump 4.07% to $18.17. On the same session, the stock had its day’s lowest price of $17.66, but rose to a high of $18.26. Over the last five days, the stock has gained 4.61%. CVB Financial Corp. shares have fallen nearly -29.44% since the year began. Nevertheless, the stocks have fallen -30.75% over the past one year. While a 52-week high of $29.25 was reached on 01/03/23, a 52-week low of $10.66 was recorded on 05/12/23. SMA at 50 days reached $16.55, while 200 days put it at $19.41. A total of 0.72 million shares were traded, compared to the trading of 0.76 million shares in the previous session.

Levels Of Support And Resistance For CVBF Stock

The 24-hour chart illustrates a support level at 17.80, which if violated will result in even more drops to 17.43. On the upside, there is a resistance level at 18.40. A further resistance level may holdings at 18.63. The Relative Strength Index (RSI) on the 14-day chart is 58.72, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.12, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 20.78%. Stochastics %K at 41.48% indicates the stock is a holding.

How much short interest is there in CVB Financial Corp.?

A steep rise in short interest was recorded in CVB Financial Corp. stocks on Aug 14, 2023, dropping by -0.76 million shares to a total of 8.64 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 9.4 million shares. There was a decline of -8.8%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 8.97% of the overall stock float, the days-to-cover ratio (short ratio) fell to 6.1.

CVB Financial Corp. [CVBF] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 18,582,409 shares, or roughly 13.34% of the outstanding CVBF shares. In other words, the investor’s shares have fallen by -696,755 from its previous 13-F filing of 19279164.0. Additionally, The Vanguard Group, Inc. decreased -2.86% of its stake after which the total value it holdings stand at $287,713,532, while SSgA Funds Management, Inc. added 29.91% of its stake to hold $152.55 million in the firm. Over the last quarter, Parallel Advisors LLC purchased 650 shares of CVB Financial Corp., while Neuberger Berman Investment Advis bought -1,721,076 shares. At present, Dimensional Fund Advisors LP is holding 3,415,704 shares valued at $64.45 million. Charles Schwab Investment Managem owned 3,381,285 shares of the company at the time of its most recent 13F filing, worth $63.8 million.

According to FactSet, CVB Financial Corp.’s share price will average $20.83 in the next year, based on opinions of analysts polled by the firm. This is up nearly 17.41 percent from its previous closing price of $17.46. Analysts expect CVB Financial Corp. stock to reach the higher price of $23.00, while the lowest price estimate is $19.00. However, 7 analysts have rated CVBF stock as an Overweight in their predictions for 2023.


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