CVB Financial (NASDAQ:CVBF) Sets New 1-Year High – Here’s Why

CVB Financial Corporation (NASDAQ:CVBF) reached a new 52-week high during trading on Tuesday . The stock traded as high as $21.63 and last traded at $21.4010, with a volume of 317378 shares changing hands. The stock had previously closed at $20.84.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CVBF shares. Piper Sandler boosted 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. Weiss Ratings upgraded shares of CVB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, April 10th. Finally, Stephens reaffirmed an “equal weight” rating and set a $23.00 price target on shares of CVB Financial in a research report on Tuesday. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.13.

CVB Financial Price Performance

The business has a fifty day moving average of $20.33 and a 200 day moving average of $19.91. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a market cap of $3.78 billion, a PE ratio of 14.09 and a beta of 0.66.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.38. The company had revenue of $132.12 million for the quarter, compared to the consensus estimate of $162.29 million. CVB Financial had a return on equity of 9.16% and a net margin of 32.05%.During the same period in the previous year, the business earned $0.36 EPS. Sell-side analysts anticipate that CVB Financial Corporation will post 1.56 earnings per share for the current year.

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Wednesday, April 1st. CVB Financial’s dividend payout ratio (DPR) is currently 52.63%.

Insider Activity at CVB Financial

In other news, Director George A. Borba, Jr. purchased 50,242 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $19.90 per share, for a total transaction of $999,815.80. Following the completion of the purchase, the director owned 796,024 shares of the company’s stock, valued at approximately $15,840,877.60. This trade represents a 6.74% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CVBF. Bank of America Corp DE increased its holdings in shares of CVB Financial by 28.1% in the 1st quarter. Bank of America Corp DE now owns 925,555 shares of the financial services provider’s stock valued at $17,947,000 after acquiring an additional 202,857 shares during the last quarter. Amundi bought a new position in CVB Financial during the first quarter worth $536,000. EverSource Wealth Advisors LLC boosted its holdings in CVB Financial by 40.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 695 shares during the period. California State Teachers Retirement System increased its stake in CVB Financial by 32.8% during the first quarter. California State Teachers Retirement System now owns 162,816 shares of the financial services provider’s stock valued at $3,157,000 after purchasing an additional 40,212 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of CVB Financial by 8.5% during the first quarter. Royal Bank of Canada now owns 21,755 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 1,704 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

CVB Financial Company Profile

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.