Central Valley Community Bancorp (NASDAQ:CVCY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday. The brokerage presently has a $23.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.54% from the company’s previous close.
According to Zacks, “Central Valley Community Bank is the sole subsidiary of Central Valley Community Bancorp. The Bank operates full-service offices in Clovis, Fresno, Prather, Kerman and Sacramento, plus Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Investment services are also provided by Investment Centers of America. “
Central Valley Community Bancorp (NASDAQ:CVCY) opened at $20.08 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.67 and a quick ratio of 0.67. Central Valley Community Bancorp has a 1 year low of $17.62 and a 1 year high of $23.94. The company has a market cap of $274.07, a P/E ratio of 15.21, a PEG ratio of 1.99 and a beta of 0.24.
Several hedge funds have recently added to or reduced their stakes in CVCY. Systematic Financial Management LP boosted its position in shares of Central Valley Community Bancorp by 136.6% in the second quarter. Systematic Financial Management LP now owns 8,400 shares of the financial services provider’s stock valued at $186,000 after acquiring an additional 4,850 shares during the period. The Manufacturers Life Insurance Company raised its stake in Central Valley Community Bancorp by 37.6% in the second quarter. The Manufacturers Life Insurance Company now owns 10,140 shares of the financial services provider’s stock valued at $225,000 after purchasing an additional 2,770 shares in the last quarter. Rhumbline Advisers purchased a new stake in Central Valley Community Bancorp in the second quarter valued at approximately $229,000. PDT Partners LLC purchased a new stake in Central Valley Community Bancorp in the second quarter valued at approximately $279,000. Finally, Ameriprise Financial Inc. purchased a new stake in Central Valley Community Bancorp in the second quarter valued at approximately $290,000. Institutional investors own 40.73% of the company’s stock.
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About Central Valley Community Bancorp
Central Valley Community Bancorp is a bank holding company, which operates through its subsidiary, Central Valley Community Bank (the Bank). The Company’s principal business is to provide, through its banking subsidiary, financial services in its primary market area in California. It serves over seven contiguous counties in California’s central valley, including Fresno County, Madera County, Merced County, Sacramento County, San Joaquin County, Stanislaus County, and Tulare County, and surrounding areas through the Bank.
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