CVB Financial (NASDAQ:CVBF) Hits New 1-Year High - What's Next?

Key Points

• CVB Financial shares reached a new 52-week high of $23.36, supported by improving analyst sentiment. The stock has a “Moderate Buy” consensus rating and an average price target of $26.25.
• The company’s latest quarterly results slightly missed expectations, with earnings per share of $0.29 versus $0.30 expected and revenue of $179.43 million versus $184.62 million forecast.
• CVB Financial maintains a quarterly dividend of $0.20, equivalent to an annualized $0.80 payout and a 3.4% yield. Insider activity was mixed, with a director purchasing 20,000 shares while the COO sold 40,000 shares.

Shares of CVB Financial Corporation (NASDAQ:CVBF - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $23.36 and last traded at $23.3220, with a volume of 47970 shares. The stock had previously closed at $23.25.

Wall Street Analysts Forecast Growth

CVBF has been the topic of several recent analyst reports. Wall Street Zen raised CVB Financial from a "sell" rating to a "hold" rating in a research report on Saturday. Piper Sandler boosted their target price on CVB Financial from $27.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Raymond James Financial upgraded shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 target price on the stock in a research note on Wednesday, July 1st. Stephens raised shares of CVB Financial from an "equal weight" rating to an "overweight" rating and set a $27.00 price target on the stock in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, CVB Financial presently has a consensus rating of "Moderate Buy" and an average target price of $26.25.

CVB Financial Price Performance

The company has a market capitalization of $4.09 billion, a P/E ratio of 16.03 and a beta of 0.65. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.77 and a quick ratio of 0.77. The firm's 50-day moving average is $22.24 and its 200-day moving average is $20.77.

CVB Financial (NASDAQ:CVBF - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate 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 quarter in the previous year, the business posted $0.36 earnings per share. Analysts predict that CVB Financial Corporation will post 1.72 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Investors of record on Thursday, July 9th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial's dividend payout ratio (DPR) is currently 55.17%.

Insider Buying and Selling

In related news, Director Brien Raymond V. O. III purchased 20,000 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was acquired at an average price of $22.77 per share, with a total value of $455,400.00. Following the completion of the acquisition, the director owned 85,780 shares of the company's stock, valued at approximately $1,953,210.60. This trade represents a 30.40% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO David C. Harvey sold 40,000 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total value of $917,600.00. Following the completion of the sale, the chief operating officer owned 98,149 shares of the company's stock, valued at approximately $2,251,538.06. The trade was a 28.95% decrease in their position. The SEC filing for this sale provides additional information. 6.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd raised its stake in CVB Financial by 8,940.9% during the 4th 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 period. Kestra Advisory Services LLC bought a new position in shares of CVB Financial in the fourth quarter worth approximately $42,000. EverSource Wealth Advisors LLC boosted its position in shares of CVB Financial by 40.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider's stock worth $47,000 after purchasing an additional 695 shares during the period. Larson Financial Group LLC increased its stake in shares of CVB Financial by 288.9% in the fourth 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 in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of CVB Financial in the second quarter worth $77,000. 74.18% of the stock is 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.

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