Shares of CVB Financial Corporation (NASDAQ:CVBF – Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $23.37 and last traded at $23.2850, with a volume of 395333 shares changing hands. The stock had previously closed at $22.71.
Wall Street Analyst Weigh In
CVBF has been the topic of several research reports. Stephens reissued an “equal weight” rating and set a $23.00 price objective on shares of CVB Financial in a research note on Tuesday, June 16th. Raymond James Financial upgraded CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research note on Wednesday, July 1st. Piper Sandler lifted their price target on CVB Financial from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of CVB Financial in a research note on Wednesday, July 8th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, CVB Financial presently has an average rating of “Moderate Buy” and a consensus price target of $24.30.
View Our Latest Report on CVB Financial
CVB Financial Stock Down 2.1%
CVB Financial (NASDAQ:CVBF – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.38 earnings per share for the quarter, meeting the consensus estimate of $0.38. CVB Financial had a return on equity of 9.16% and a net margin of 32.05%.The firm had revenue of $132.12 million for the quarter, compared to analysts’ expectations of $162.29 million. During the same period in the prior year, the firm earned $0.36 EPS. On average, analysts predict that CVB Financial Corporation will post 1.63 EPS for the current year.
CVB Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th will be given a dividend of $0.20 per share. 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 3.5%. CVB Financial’s payout ratio is presently 52.63%.
Insider Buying and Selling
In related news, Director George A. Borba, Jr. acquired 25,187 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $19.85 per share, with a total value of $499,961.95. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.40% of the stock is currently owned by insiders.
Institutional Investors Weigh In On CVB Financial
A number of institutional investors have recently bought and sold shares of CVBF. HoldCo Asset Management LP boosted its position in shares of CVB Financial by 17,051.0% during the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock worth $41,366,000 after acquiring an additional 2,211,005 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in CVB Financial by 71.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,437 shares of the financial services provider’s stock worth $23,684,000 after purchasing an additional 507,228 shares in the last quarter. Weiss Asset Management LP purchased a new stake in CVB Financial in the 1st quarter worth $8,303,000. Bernzott Capital Advisors bought a new position in shares of CVB Financial during the 1st quarter valued at about $8,054,000. Finally, Bessemer Group Inc. grew its position in shares of CVB Financial by 34.1% during the first quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock valued at $28,439,000 after purchasing an additional 372,732 shares in the last quarter. Hedge funds and other institutional investors 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.
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