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

Key Points

• COO David Harvey sold 40,000 CVB Financial shares at an average price of $22.94, generating $917,600. His remaining ownership fell 28.95% to 98,149 shares.
• CVBF shares traded near a 12-month high at $22.89, while the company’s latest quarterly results slightly missed expectations, reporting $0.29 in EPS versus the $0.30 consensus and revenue of $179.43 million versus $184.62 million expected.
• CVB Financial maintains a quarterly dividend of $0.20, or $0.80 annualized, yielding about 3.5%. Analysts remain moderately bullish, with a consensus price target of $25.75 and three Buy ratings versus two Holds.

CVB Financial Corporation (NASDAQ:CVBF - Get Free Report) COO David Harvey sold 40,000 shares of CVB Financial 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 completion of the sale, the chief operating officer owned 98,149 shares in the company, valued at approximately $2,251,538.06. This represents a 28.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

CVB Financial Price Performance

CVBF stock traded down $0.21 during mid-day trading on Wednesday, hitting $22.89. The company had a trading volume of 1,165,601 shares, compared to its average volume of 1,633,026. The company has a 50-day moving average price of $21.84 and a 200 day moving average price of $20.61. CVB Financial Corporation has a 12-month low of $17.94 and a 12-month high of $23.36. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 15.79 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 - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. The firm had revenue of $179.43 million for the quarter, compared to the consensus estimate of $184.62 million. During the same period in the previous year, the company posted $0.36 earnings per share. On average, research analysts anticipate that CVB Financial Corporation will post 1.72 earnings per share for the current year.

CVB Financial Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. CVB Financial's dividend payout ratio (DPR) is 55.17%.

Institutional Investors Weigh In On CVB Financial

Institutional investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd raised its position in CVB Financial by 8,940.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,989 shares of the financial services provider's stock worth $37,000 after purchasing an additional 1,967 shares during the period. Kestra Advisory Services LLC bought a new position in shares of CVB Financial during the fourth quarter valued at approximately $42,000. EverSource Wealth Advisors LLC raised its holdings 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 buying an additional 695 shares during the period. Larson Financial Group LLC raised its holdings 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 buying an additional 1,791 shares during the period. Finally, Osterweis Capital Management Inc. bought a new stake in shares of CVB Financial during the 2nd quarter worth approximately $103,000. Institutional investors own 74.18% of the company's stock.

Wall Street Analyst Weigh In

CVBF has been the topic of several research reports. DA Davidson boosted their price target on shares of CVB Financial from $22.50 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Piper Sandler lifted their price objective on shares of CVB Financial from $27.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Weiss Ratings upgraded shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, July 24th. Stephens lifted their price target on CVB Financial from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. Finally, Raymond James Financial raised CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price objective on the stock in a research note on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $25.75.

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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