CVB Financial Corp. (NASDAQ:CVBF) Sees Significant Decrease in Short Interest

CVB Financial Corp. (NASDAQ:CVBF) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 3,290,000 shares, a decrease of 22.8% from the September 30th total of 4,260,000 shares. Currently, 2.5% of the company’s stock are short sold. Based on an average daily volume of 852,800 shares, the days-to-cover ratio is presently 3.9 days.

CVB Financial Trading Up 0.3 %

NASDAQ CVBF opened at $19.64 on Wednesday. CVB Financial has a 12 month low of $15.38 and a 12 month high of $21.77. The stock’s fifty day moving average price is $18.22 and its 200-day moving average price is $17.50. The stock has a market cap of $2.74 billion, a P/E ratio of 12.92 and a beta of 0.45.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $126.45 million for the quarter, compared to the consensus estimate of $126.75 million. CVB Financial had a net margin of 29.58% and a return on equity of 10.41%. CVB Financial’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.42 EPS. As a group, analysts forecast that CVB Financial will post 1.4 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.07%. The ex-dividend date was Monday, September 30th. CVB Financial’s dividend payout ratio (DPR) is currently 52.63%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Wedbush reissued a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research report on Thursday, October 24th. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a research report on Wednesday, October 2nd. Finally, Stephens upped their price objective on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, CVB Financial has an average rating of “Hold” and a consensus price target of $20.25.

Institutional Trading of CVB Financial

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of CVB Financial by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider’s stock valued at $317,014,000 after purchasing an additional 176,694 shares in the last quarter. Diversified Trust Co lifted its stake in CVB Financial by 6.5% during the 1st quarter. Diversified Trust Co now owns 39,480 shares of the financial services provider’s stock valued at $704,000 after acquiring an additional 2,394 shares during the period. SpiderRock Advisors LLC bought a new position in CVB Financial during the 1st quarter valued at about $353,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of CVB Financial by 43.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 111,879 shares of the financial services provider’s stock valued at $1,944,000 after acquiring an additional 34,088 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of CVB Financial by 48.1% in the first quarter. BNP Paribas Financial Markets now owns 67,644 shares of the financial services provider’s stock worth $1,207,000 after acquiring an additional 21,969 shares during the period. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.