CVB Financial (NASDAQ:CVBF) Director Brien Raymond III Buys 20,000 Shares of Stock

Key Points

• Director Brien Raymond III purchased 20,000 CVB Financial shares at an average price of $22.77, investing $455,400 and increasing his holdings by 30.4% to 85,780 shares.
• CVB Financial shares rose 1.3% to $22.80, while the company’s latest quarterly results slightly missed expectations, with earnings of $0.29 per share and revenue of $179.43 million.
• The company maintains a quarterly dividend of $0.20 per share, equivalent to a 3.5% yield, and analysts give the stock a “Moderate Buy” consensus rating with an average price target of $25.75.

CVB Financial Corporation (NASDAQ:CVBF - Get Free Report) Director Brien Raymond III bought 20,000 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were purchased at an average cost of $22.77 per share, for a total transaction of $455,400.00. Following the completion of the purchase, the director owned 85,780 shares in the company, valued at approximately $1,953,210.60. This trade represents a 30.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

CVB Financial Stock Up 1.3%

Shares of CVB Financial stock traded up $0.30 during midday trading on Tuesday, hitting $22.80. The company's stock had a trading volume of 1,579,567 shares, compared to its average volume of 1,638,605. CVB Financial Corporation has a 1-year low of $17.94 and a 1-year high of $23.36. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $4.02 billion, a P/E ratio of 15.72 and a beta of 0.65. The stock has a 50-day simple moving average of $21.54 and a 200-day simple moving average of $20.47.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. The business had revenue of $179.43 million for the quarter, compared to analyst estimates of $184.62 million. During the same period in the previous year, the firm posted $0.36 earnings per share. As a group, sell-side analysts expect that CVB Financial Corporation will post 1.66 earnings per share for the current year.

CVB Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Piper Sandler lifted their price objective on CVB Financial from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Monday. Raymond James Financial raised CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price target for the company in a research note on Wednesday, July 1st. Stephens lifted their target price on shares of CVB Financial from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Tuesday. DA Davidson boosted their target price on shares of CVB Financial from $22.50 to $25.00 and gave the stock a "neutral" rating in a research report on Friday. Finally, Weiss Ratings upgraded shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $25.75.

Hedge Funds Weigh In On CVB Financial

A number of institutional investors have recently modified their holdings of CVBF. Royal Bank of Canada boosted its holdings in shares of CVB Financial by 28.7% during the 1st quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider's stock worth $698,000 after buying an additional 8,432 shares during the period. AQR Capital Management LLC lifted its position in CVB Financial by 36.6% during the 1st quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider's stock worth $895,000 after acquiring an additional 12,992 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in CVB Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider's stock valued at $1,456,000 after acquiring an additional 3,442 shares during the period. Jones Financial Companies Lllp boosted its holdings in 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 valued at $300,000 after acquiring an additional 13,527 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of CVB Financial by 9.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider's stock valued at $8,458,000 after purchasing an additional 38,250 shares during the last quarter. Institutional investors own 74.18% of the company's stock.

About CVB Financial

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.

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