CVB Financial (NASDAQ:CVBF) Reaches New 12-Month High – Here’s Why

CVB Financial Corporation (NASDAQ:CVBF) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $22.96 and last traded at $22.6930, with a volume of 7259 shares trading hands. The stock had previously closed at $22.55.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVBF. Stephens reissued an “equal weight” rating and issued a $23.00 price objective on shares of CVB Financial in a research note on Tuesday, June 16th. Weiss Ratings upgraded CVB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, April 10th. Piper Sandler lifted their price objective on shares of CVB Financial from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Finally, Raymond James Financial raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.30.

CVB Financial Trading Up 0.9%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 14.96 and a beta of 0.66. The company has a 50 day moving average price of $20.63 and a two-hundred day moving average price of $20.05.

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

CVB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th will be issued a $0.20 dividend. The ex-dividend date is Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. CVB Financial’s dividend payout ratio (DPR) is presently 52.63%.

Insider Transactions at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. bought 25,187 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $19.85 per share, with a total value of $499,961.95. Following the completion of the acquisition, the director directly owned 846,308 shares of the company’s stock, valued at $16,799,213.80. This represents a 3.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.40% of the stock is currently owned by company insiders.

Institutional Trading of CVB Financial

A number of hedge funds have recently bought and sold shares of CVBF. Aster Capital Management DIFC Ltd grew its position in shares of CVB Financial by 8,940.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,989 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 1,967 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in CVB Financial in the 4th quarter valued at $42,000. EverSource Wealth Advisors LLC increased its stake in shares of CVB Financial by 40.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 695 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of CVB Financial by 288.9% during the 4th quarter. Larson Financial Group LLC now owns 2,411 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 1,791 shares during the period. Finally, Osterweis Capital Management Inc. acquired a new position in shares of CVB Financial during the 2nd quarter valued at about $103,000. Institutional investors and hedge funds own 74.18% of the company’s stock.

About CVB Financial

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.