Insider Buying: CVB Financial (NASDAQ:CVBF) Director Buys $999,815.80 in Stock

CVB Financial Corporation (NASDAQ:CVBF) Director George Borba, Jr. acquired 50,242 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $19.90 per share, for a total transaction of $999,815.80. Following the acquisition, the director owned 796,024 shares in the company, valued at approximately $15,840,877.60. This trade represents a 6.74% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

CVB Financial Price Performance

NASDAQ CVBF opened at $19.77 on Friday. The stock’s 50-day moving average price is $19.75 and its two-hundred day moving average price is $19.66. The company has a current ratio of 0.73, a quick ratio of 0.72 and a debt-to-equity ratio of 0.22. The company has a market cap of $2.68 billion, a PE ratio of 13.01 and a beta of 0.67. CVB Financial Corporation has a 1 year low of $17.94 and a 1 year high of $21.48.

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 firm 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 quarter in the previous year, the company earned $0.36 EPS. On average, analysts predict that CVB Financial Corporation will post 1.56 EPS for the current year.

CVB Financial Announces Dividend

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 4.0%. The ex-dividend date was Wednesday, April 1st. CVB Financial’s payout ratio is presently 52.63%.

Hedge Funds Weigh In On CVB Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Entropy Technologies LP purchased a new position in CVB Financial during the 1st quarter valued at about $676,000. Renaissance Technologies LLC grew its stake in CVB Financial by 49.3% during the 1st quarter. Renaissance Technologies LLC now owns 427,694 shares of the financial services provider’s stock valued at $8,293,000 after acquiring an additional 141,202 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in CVB Financial by 7.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 10,750 shares of the financial services provider’s stock valued at $208,000 after acquiring an additional 750 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in CVB Financial by 71.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,437 shares of the financial services provider’s stock valued at $23,684,000 after acquiring an additional 507,228 shares in the last quarter. Finally, Sei Investments Co. grew its stake in CVB Financial by 138.6% during the 1st quarter. Sei Investments Co. now owns 37,747 shares of the financial services provider’s stock valued at $732,000 after acquiring an additional 21,926 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on CVBF. Piper Sandler boosted their price objective on CVB Financial from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Weiss Ratings upgraded CVB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, April 10th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

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.