CVB Financial Corporation (NASDAQ:CVBF) Announces Quarterly Dividend of $0.20

CVB Financial Corporation (NASDAQ:CVBF) declared a quarterly dividend on Wednesday, June 25th, RTT News reports. Investors of record on Thursday, July 10th will be given a dividend of 0.20 per share by the financial services provider on Thursday, July 24th. This represents a $0.80 dividend on an annualized basis and a yield of 4.16%.

CVB Financial has a dividend payout ratio of 51.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect CVB Financial to earn $1.48 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 54.1%.

CVB Financial Price Performance

NASDAQ:CVBF opened at $19.22 on Thursday. CVB Financial has a 1 year low of $16.01 and a 1 year high of $24.58. The stock’s fifty day moving average price is $18.88 and its two-hundred day moving average price is $19.60. The company has a market cap of $2.65 billion, a P/E ratio of 13.26 and a beta of 0.66.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $126.67 million for the quarter, compared to analysts’ expectations of $124.45 million. CVB Financial had a return on equity of 9.32% and a net margin of 30.24%. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, analysts expect that CVB Financial will post 1.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CVB Financial

Several institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp raised its stake in shares of CVB Financial by 848.1% during the first quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider’s stock worth $300,000 after acquiring an additional 13,527 shares in the last quarter. Royal Bank of Canada grew its stake in shares of CVB Financial by 28.7% during the first quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock valued at $698,000 after buying an additional 8,432 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of CVB Financial by 36.6% in the first quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock worth $895,000 after buying an additional 12,992 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of CVB Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider’s stock worth $1,456,000 after buying an additional 3,442 shares during the period. Finally, Jane Street Group LLC bought a new stake in shares of CVB Financial in the 1st quarter valued at about $4,461,000. 74.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered their target price on shares of CVB Financial from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th.

About CVB Financial

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.