UPDATE: Crowell Weedon & Co. Initiates CVB Financial at Buy/Add on Dividend Outlook

Crowell Weedon & Co. initiated coverage on CVB Financial

with a Buy/Add rating and a $15 price target. Crowell Weedon & Co. commented, "CVBF escaped the 2008 financial crisis and ensuing recession with its 35 year streak of quarterly profits intact. Additionally, the company's dividend avoided reduction and now yields nearly 3%. After five years without an increase, the dividend is poised to grow again as earnings recover and the company deploys excess capital. Our price target on CVBF shares of $15 is based on our belief that CVBF shares can trade at 2X book value, a level reached (and exceeded) in the past." CVB Financial closed at $10.82 on Wednesday.