Key Points
- Director Brien Raymond III bought 20,000 CVB Financial shares for $455,400, increasing his direct ownership by 30.4% to 85,780 shares.
- CVB Financial shares opened at $22.80, up 1.3%, while the company’s latest quarterly results slightly missed expectations: EPS was $0.29 versus $0.30 forecast, and revenue was $179.43 million versus $184.62 million expected.
- Analysts maintain a generally favorable outlook, with a “Moderate Buy” consensus and an average price target of $25.75; the company also pays a quarterly dividend of $0.20, yielding approximately 3.5% annually.
CVB Financial Corporation (NASDAQ:CVBF - Get Free Report) Director Brien Raymond III bought 20,000 shares of CVB Financial stock in a transaction dated Tuesday, July 28th. The stock was acquired at an average cost of $22.77 per share, for a total transaction of $455,400.00. Following the completion of the acquisition, the director directly owned 85,780 shares in the company, valued at $1,953,210.60. This represents a 30.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
CVB Financial Stock Up 1.3%
NASDAQ CVBF opened at $22.80 on Wednesday. The stock's 50 day simple moving average is $21.60 and its 200 day simple moving average is $20.49. CVB Financial Corporation has a one year low of $17.94 and a one year high of $23.36. The firm has a market cap of $4.02 billion, a PE ratio of 15.72 and a beta of 0.65. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.77 and a quick ratio of 0.73.
CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $179.43 million during the quarter, compared to the consensus estimate of $184.62 million. CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. During the same quarter in the previous year, the firm posted $0.36 EPS. As a group, sell-side analysts forecast that CVB Financial Corporation will post 1.66 earnings per share for the current fiscal year.
CVB Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th were paid a $0.20 dividend. The ex-dividend date was Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. CVB Financial's dividend payout ratio (DPR) is 55.17%.
Analyst Ratings Changes
CVBF has been the topic of several research reports. DA Davidson upped their price target on shares of CVB Financial from $22.50 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Piper Sandler raised their price objective on shares of CVB Financial from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Monday. Weiss Ratings raised shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday. Raymond James Financial upgraded shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 target price on the stock in a research report on Wednesday, July 1st. Finally, Stephens increased their price target on shares of CVB Financial from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $25.75.
View Our Latest Report on CVBF
Hedge Funds Weigh In On CVB Financial
Large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in CVB Financial by 4.5% in 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 last quarter. Charles Schwab Investment Management Inc. raised its holdings in CVB Financial by 1.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,488,821 shares of the financial services provider's stock worth $102,092,000 after purchasing an additional 67,563 shares during the last quarter. HoldCo Asset Management LP lifted its position in CVB Financial by 17,051.0% during the 4th quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider's stock valued at $41,366,000 after purchasing an additional 2,211,005 shares during the period. Victory Capital Management Inc. lifted its position in CVB Financial by 3.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,031,381 shares of the financial services provider's stock valued at $37,784,000 after purchasing an additional 74,914 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of CVB Financial by 2.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,739,743 shares of the financial services provider's stock valued at $32,359,000 after purchasing an additional 39,771 shares during the last quarter. Institutional investors and hedge funds own 74.18% of the company's stock.
CVB Financial Company Profile
(
Get Free Report)
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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