UPDATE: Crowell Weedon & Co. Initiates CVB Financial at Buy/Add on Dividend Outlook
Crowell Weedon & Co. initiated coverage on CVB Financial (NASDAQ: CVBF) 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.
Latest Ratings for CVBF
|Sep 2016||Keefe Bruyette & Woods||Maintains||Market Perform|
|May 2016||Keefe Bruyette & Woods||Maintains||Market Perform|
|Jul 2015||Keefe Bruyette & Woods||Maintains||Market Perform|
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