CVB Financial Corp. (NASDAQ:CVBF – Get Rating) declared a quarterly dividend on Wednesday, September 21st, Zacks reports. Investors of record on Wednesday, October 5th will be given a dividend of 0.20 per share by the financial services provider on Thursday, October 20th. This represents a $0.80 annualized dividend and a dividend yield of 3.05%. The ex-dividend date is Tuesday, October 4th. This is a boost from CVB Financial’s previous quarterly dividend of $0.19.
CVB Financial has raised its dividend by an average of 8.7% per year over the last three years and has raised its dividend every year for the last 1 years. CVB Financial has a payout ratio of 39.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect CVB Financial to earn $1.88 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 40.4%.
CVB Financial Stock Performance
Shares of NASDAQ:CVBF traded down $0.36 during midday trading on Friday, hitting $26.25. 1,928 shares of the company’s stock traded hands, compared to its average volume of 585,552. The company has a market cap of $3.67 billion, a PE ratio of 18.35 and a beta of 0.37. The firm’s fifty day moving average price is $26.33 and its two-hundred day moving average price is $24.74. CVB Financial has a twelve month low of $19.00 and a twelve month high of $28.14.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on CVBF. StockNews.com raised shares of CVB Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 21st. Wedbush lifted their price target on shares of CVB Financial to $26.00 in a research note on Monday, July 25th.
Institutional Investors Weigh In On CVB Financial
Several hedge funds and other institutional investors have recently modified their holdings of CVBF. Citigroup Inc. increased its position in shares of CVB Financial by 20.6% in the 1st quarter. Citigroup Inc. now owns 121,451 shares of the financial services provider’s stock worth $2,818,000 after purchasing an additional 20,745 shares during the last quarter. Natixis Advisors L.P. bought a new stake in shares of CVB Financial in the 1st quarter worth about $422,000. Bank of Montreal Can increased its position in shares of CVB Financial by 5.6% in the 1st quarter. Bank of Montreal Can now owns 40,228 shares of the financial services provider’s stock worth $942,000 after purchasing an additional 2,135 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of CVB Financial by 63.5% in the 1st quarter. MetLife Investment Management LLC now owns 72,516 shares of the financial services provider’s stock worth $1,683,000 after purchasing an additional 28,159 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of CVB Financial by 3.2% in the 1st quarter. Rhumbline Advisers now owns 417,911 shares of the financial services provider’s stock worth $9,700,000 after purchasing an additional 12,818 shares during the last quarter. Institutional investors own 72.60% of the company’s stock.
CVB Financial Company Profile
CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.
- Get a free copy of the StockNews.com research report on CVB Financial (CVBF)
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