CVB Financial (NASDAQ:CVBF) Sets New 12-Month High - Here's Why

Key Points

• CVB Financial shares hit a new 52-week high, trading as high as $23.37 after closing at $22.71 the prior day, amid solid volume.
• Analyst sentiment is generally positive, with Raymond James upgrading the stock to outperform and several firms maintaining buy/overweight views; the consensus rating is Moderate Buy with an average target price of $24.30.
• The company recently reported earnings in line with expectations, posting $0.38 EPS while revenue came in below estimates, and it also announced a quarterly dividend of $0.20 per share, implying a 3.4% annual yield.

Shares of CVB Financial Corporation (NASDAQ:CVBF - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $23.37 and last traded at $23.2850, with a volume of 395333 shares traded. The stock had previously closed at $22.71.

Analyst Ratings Changes

CVBF has been the subject of several analyst reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of CVB Financial in a research report on Wednesday, July 8th. 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. Piper Sandler increased their price target on CVB Financial from $26.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Finally, Stephens reissued an "equal weight" rating and set a $23.00 price objective on shares of CVB Financial in a research report on Tuesday, June 16th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.30.

CVB Financial Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 15.26 and a beta of 0.65. The stock has a 50 day moving average price of $21.12 and a two-hundred day moving average price of $20.26.

CVB Financial (NASDAQ:CVBF - Get Free Report) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.38 EPS for the quarter, meeting analysts' consensus estimates of $0.38. The company had revenue of $132.12 million during the quarter, compared to analysts' expectations of $162.29 million. CVB Financial had a return on equity of 9.16% and a net margin of 32.05%.During the same period last year, the business posted $0.36 EPS. As a group, analysts expect that CVB Financial Corporation will post 1.63 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 23rd. Investors of record on Thursday, July 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, July 9th. CVB Financial's dividend payout ratio is presently 52.63%.

Insider Transactions at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. bought 25,187 shares of CVB Financial stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost of $19.85 per share, for a total transaction of $499,961.95. Following the acquisition, the director directly owned 846,308 shares in the company, valued at $16,799,213.80. This represents a 3.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CVBF. Revolve Wealth Partners LLC acquired a new position in CVB Financial during the 2nd quarter worth $303,000. Hennion & Walsh Asset Management Inc. acquired a new position in shares of CVB Financial during the second quarter worth about $654,000. GAMMA Investing LLC raised its holdings in CVB Financial by 44.8% in the second quarter. GAMMA Investing LLC now owns 9,519 shares of the financial services provider's stock valued at $215,000 after acquiring an additional 2,943 shares in the last quarter. Bank of America Corp DE lifted its stake in CVB Financial by 28.1% in the first quarter. Bank of America Corp DE now owns 925,555 shares of the financial services provider's stock worth $17,947,000 after acquiring an additional 202,857 shares during the last quarter. Finally, Amundi acquired a new position in CVB Financial during the 1st quarter worth approximately $536,000. 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.

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