CVB Financial (NASDAQ:CVBF) Reaches New 1-Year High After Dividend Announcement

CVB Financial Corporation (NASDAQ:CVBF)’s stock price hit a new 52-week high during trading 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 changing hands. The stock had previously closed at $21.55.

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

Analyst Upgrades and Downgrades

CVBF has been the topic of a number of research analyst reports. Stephens reaffirmed an “equal weight” rating and issued a $23.00 target price on shares of CVB Financial in a report on Tuesday, June 16th. Weiss Ratings upgraded CVB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, April 10th. Finally, Piper Sandler raised their price objective on CVB Financial from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, CVB Financial has a consensus rating of “Moderate Buy” and a consensus target price of $24.12.

CVB Financial Price Performance

The business’s 50-day simple moving average is $20.50 and its two-hundred day simple moving average is $19.99. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of 14.78 and a beta of 0.66. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.73 and a quick ratio of 0.73.

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

Insider Buying and Selling

In other news, Director George A. Borba, Jr. purchased 50,242 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average cost of $19.90 per share, with a total value of $999,815.80. Following the completion of the purchase, the director owned 796,024 shares of the company’s stock, valued at $15,840,877.60. This trade represents a 6.74% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 6.40% of the company’s stock.

Institutional Investors Weigh In On CVB Financial

A number of institutional investors have recently added to or reduced their stakes in CVBF. Royal Bank of Canada raised its stake in shares of CVB Financial by 28.7% during the first quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock valued at $698,000 after acquiring an additional 8,432 shares during the last quarter. AQR Capital Management LLC raised its position in CVB Financial by 36.6% during the 1st quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock worth $895,000 after purchasing an additional 12,992 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of CVB Financial by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider’s stock valued at $1,456,000 after buying an additional 3,442 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of CVB Financial by 848.1% in the first quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider’s stock valued at $300,000 after buying an additional 13,527 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of CVB Financial by 9.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider’s stock worth $8,458,000 after acquiring an additional 38,250 shares during the last quarter. 74.18% of the stock is owned by institutional investors.

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.