David Harvey Sells 40,000 Shares of CVB Financial (NASDAQ:CVBF) Stock

CVB Financial Corporation (NASDAQ:CVBF) COO David Harvey sold 40,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total transaction of $917,600.00. Following the sale, the chief operating officer owned 98,149 shares in the company, valued at $2,251,538.06. The trade was a 28.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

CVB Financial Price Performance

NASDAQ:CVBF opened at $22.71 on Friday. The business’s 50-day simple moving average is $21.93 and its two-hundred day simple moving average is $20.66. CVB Financial Corporation has a 52 week low of $17.94 and a 52 week high of $23.36. The stock has a market cap of $4.01 billion, a PE ratio of 15.66 and a beta of 0.65. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 0.17.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 9.21% and a net margin of 29.02%.During the same period last year, the company earned $0.36 EPS. As a group, analysts forecast that CVB Financial Corporation will post 1.72 EPS for the current fiscal year.

CVB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, July 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. CVB Financial’s dividend payout ratio (DPR) is presently 55.17%.

Analyst Ratings Changes

Several equities analysts recently weighed in on CVBF shares. Weiss Ratings raised shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Stephens raised shares of CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price objective for the company in a report on Thursday. DA Davidson raised their price objective on CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Piper Sandler lifted their target price on CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Finally, Raymond James Financial upgraded 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. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

Institutional Trading of CVB Financial

Hedge funds have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd increased its stake in CVB Financial by 8,940.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,989 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 1,967 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of CVB Financial in the 4th quarter valued at approximately $42,000. EverSource Wealth Advisors LLC lifted its stake in shares of CVB Financial by 40.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 695 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of CVB Financial by 288.9% in the 4th quarter. Larson Financial Group LLC now owns 2,411 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 1,791 shares during the period. Finally, Osterweis Capital Management Inc. purchased a new position in shares of CVB Financial in the 2nd quarter worth approximately $103,000. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

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.