Markets

Financial Sector Update for 11/21/2016: CVBF,TREE,CG

Top Financial Stocks

JPM +0.26%

BAC +1.53%

WFC -1.33%

C +0.22%

USB -0.11%

Financial stocks added to their narrow gains this afternoon, with the NYSE Financial Sector Index rising about 0.4% while financial companies in the S&P 500 Index were adding about 0.3%.

In company news, CVB Financial Corp ( CVBF ) was edging higher Monday, climbing to a new record high after reversing earlier declines that followed analysts at the Hovde Group today cutting their investment recommendation for the bank holding company to Underperform from Market Perform, also setting a $19 a share price target for the company's stock.

The downgrade follows CBV Financial late last month reporting Q3 net income of $0.23 per share, down from $0.26 per share for the same quarter last year and trailing the Capital IQ consensus estimate by a penny. Net interest and non-interest income totaled $72.4 million during the quarter, falling 66.9% from the same quarter last year and missing the Street view by around $3.3 million.

CVBF shares were up about 0.1% at $21.38 apiece, slipping 10 cents from their new, all-time high of $21.48 a share set earlier this afternoon.

In other sector news,

(+) TREE, Mizuho raises price target by $20 to $122 a share while also reiterating its Buy recommendation.

(-) CG, Acquires majority stake in South African telecom-services provider CMC Networks for an undisclosed amount from Investec Equity Partners. Transaction expected to close by March 31, 2017.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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