CVB Financial (NASDAQ:CVBF) Hits New 12-Month High – What’s Next?

CVB Financial Corporation (NASDAQ:CVBF) shares hit a new 52-week high during trading on Wednesday. The stock traded as high as $23.80 and last traded at $23.3310, with a volume of 73,415 shares. The stock had previously closed at $22.93.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Piper Sandler raised their price target on shares of CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Wall Street Zen upgraded shares of CVB Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings raised shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Stephens upgraded CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 target price on the stock in a report on Thursday, August 6th. Finally, DA Davidson boosted their price target on CVB Financial from $22.50 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.25.

CVB Financial Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 0.75 and a quick ratio of 0.77. The stock’s fifty day simple moving average is $22.28 and its 200-day simple moving average is $21.18. The company has a market capitalization of $4.14 billion, a P/E ratio of 15.57 and a beta of 0.68.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). CVB Financial had a return on equity of 9.42% and a net margin of 29.54%. The business had revenue of $191.74 million during the quarter, compared to the consensus estimate of $192.80 million. During the same quarter in the previous year, the firm posted $0.38 earnings per share. On average, equities analysts forecast that CVB Financial Corporation will post 1.77 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. CVB Financial’s dividend payout ratio (DPR) is 52.98%.

Insider Buying and Selling

In other CVB Financial news, Director Mike Maddox purchased 10,000 shares of the company’s stock in a transaction on Monday, August 31st. The shares were bought at an average cost of $22.03 per share, with a total value of $220,300.00. Following the transaction, the director directly owned 13,138 shares in the company, valued at approximately $289,430.14. This represents a 318.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 6.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CVB Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in CVB Financial during the second quarter worth about $579,285,000. Dimensional Fund Advisors LP increased its stake in CVB Financial by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 7,613,287 shares of the financial services provider’s stock valued at $147,620,000 after acquiring an additional 331,307 shares during the period. Bank of New York Mellon Corp acquired a new position in CVB Financial in the 2nd quarter valued at approximately $38,066,000. Bessemer Group Inc. raised its holdings in CVB Financial by 34.1% in the 1st quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock valued at $28,439,000 after acquiring an additional 372,732 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in CVB Financial in the 2nd quarter valued at approximately $29,928,000. Institutional investors and hedge funds own 74.18% of the company’s stock.

CVB Financial Company Profile

CVB Financial Corp. is a bank holding company headquartered in Ontario, California. Its principal subsidiary, Citizens Business Bank, provides banking and financial services to businesses, professionals, and individuals, with a focus on relationship-based commercial banking.

Citizens Business Bank offers business checking and savings accounts, commercial and real estate loans, lines of credit, equipment financing, treasury management, cash management, and international banking services.