Key Points
- Insider sale: COO David Harvey sold 40,000 CVB Financial shares for approximately $917,600 at an average price of $22.94, reducing his direct ownership by 28.95% to 98,149 shares.
- Quarterly results: CVB Financial reported $0.29 in earnings per share and $179.43 million in revenue, slightly below analyst expectations of $0.30 EPS and $184.62 million in revenue.
- Market outlook: Analysts maintain a “Moderate Buy” consensus with an average price target of $25.75, while the company pays a quarterly dividend of $0.20, equivalent to a 3.5% annual yield.
CVB Financial Corporation (NASDAQ:CVBF - Get Free Report) COO David Harvey sold 40,000 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total transaction of $917,600.00. Following the completion of the transaction, the chief operating officer directly owned 98,149 shares in the company, valued at approximately $2,251,538.06. This represents a 28.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
CVB Financial Stock Performance
CVBF opened at $22.89 on Thursday. CVB Financial Corporation has a twelve month low of $17.94 and a twelve month high of $23.36. The firm has a market capitalization of $4.04 billion, a PE ratio of 15.79 and a beta of 0.65. The company has a current ratio of 0.77, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17. The firm's 50-day moving average price is $21.88 and its 200 day moving average price is $20.64.
CVB Financial (NASDAQ:CVBF - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. The business had revenue of $179.43 million during the quarter, compared to analyst estimates of $184.62 million. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, sell-side analysts expect that CVB Financial Corporation will post 1.72 EPS for the current fiscal year.
CVB Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th were given 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 is 55.17%.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on CVBF. Stephens lifted their price objective on CVB Financial from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. Piper Sandler upped their target price on CVB Financial from $27.00 to $28.00 and gave the company an "overweight" rating in a report on Monday, July 27th. Weiss Ratings raised CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. Raymond James Financial upgraded CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price target on the stock in a report on Wednesday, July 1st. Finally, DA Davidson boosted their price target on shares of CVB Financial from $22.50 to $25.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, CVB Financial has an average rating of "Moderate Buy" and a consensus target price of $25.75.
Read Our Latest Stock Analysis on CVBF
Institutional Trading of CVB Financial
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. ProShare Advisors LLC grew its position in shares of CVB Financial by 2.1% in the 4th quarter. ProShare Advisors LLC now owns 25,393 shares of the financial services provider's stock valued at $472,000 after buying an additional 521 shares during the last quarter. State of Alaska Department of Revenue lifted its position in CVB Financial by 0.8% in the fourth 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 during the last quarter. CWM LLC lifted its position in 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 boosted its stake in 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 in the last quarter. Finally, Savant Capital LLC boosted its stake in CVB Financial by 6.1% in the fourth quarter. Savant Capital LLC now owns 11,342 shares of the financial services provider's stock valued at $211,000 after acquiring an additional 653 shares in 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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