CVB Financial (NASDAQ:CVBF) Sets New 52-Week High Following Dividend Announcement

CVB Financial Corporation (NASDAQ:CVBF)’s share price reached a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $21.74 and last traded at $21.8060, with a volume of 96970 shares trading hands. The stock had previously closed at $21.55.

The newly announced dividend which will be paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. CVB Financial’s dividend payout ratio is 52.63%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Stephens restated an “equal weight” rating and issued a $23.00 price target on shares of CVB Financial in a research report on Tuesday, June 16th. Weiss Ratings raised CVB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, April 10th. Finally, Piper Sandler boosted their target price on CVB Financial from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.12.

CVB Financial Trading Up 1.9%

The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $3.96 billion, a P/E ratio of 14.78 and a beta of 0.66. The business has a fifty day moving average price of $20.50 and a 200 day moving average price of $19.99.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.38. CVB Financial had a return on equity of 9.16% and a net margin of 32.05%.The business had revenue of $132.12 million during the quarter, compared to the consensus estimate of $162.29 million. During the same period last year, the company earned $0.36 earnings per share. On average, analysts expect that CVB Financial Corporation will post 1.56 earnings per share for the current fiscal year.

Insider Activity

In other CVB Financial news, Director George A. Borba, Jr. acquired 25,187 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average price of $19.85 per share, with a total value of $499,961.95. Following the completion of the transaction, the director directly owned 846,308 shares in the company, valued at $16,799,213.80. This trade represents a 3.07% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On CVB Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVBF. ProShare Advisors LLC lifted its position in CVB Financial by 2.1% during the 4th quarter. ProShare Advisors LLC now owns 25,393 shares of the financial services provider’s stock worth $472,000 after buying an additional 521 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of CVB Financial by 0.8% in the 4th quarter. State of Alaska Department of Revenue now owns 71,608 shares of the financial services provider’s stock valued at $1,330,000 after acquiring an additional 561 shares in the last quarter. CWM LLC increased its position in shares of CVB Financial by 6.3% in the fourth quarter. CWM LLC now owns 10,445 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 620 shares during the last quarter. Bolthouse Investments LLC increased its position in shares of CVB Financial by 1.1% in the fourth quarter. Bolthouse Investments LLC now owns 59,383 shares of the financial services provider’s stock valued at $1,105,000 after acquiring an additional 637 shares during the last quarter. Finally, Savant Capital LLC raised its holdings in CVB Financial by 6.1% during the fourth quarter. Savant Capital LLC now owns 11,342 shares of the financial services provider’s stock worth $211,000 after acquiring an additional 653 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

CVB Financial Company Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.