CVB Financial (NASDAQ:CVBF) Shares Break Above 200 Day Moving Average - What's Next?

Key Points

• CVB Financial shares broke above their 200-day moving average, reaching $22.51 and closing at $22.28. Analysts broadly remain positive, with a consensus “Moderate Buy” rating and an average price target of $26.25.
• The company reported quarterly EPS of $0.29, slightly below the $0.30 consensus estimate, while revenue of $179.43 million also fell short of expectations. Analysts project full-year EPS of $1.74.
• CVB Financial declared a quarterly dividend of $0.20, equivalent to $0.80 annually and a 3.6% yield. Insider activity was mixed, with the COO selling shares while a director increased his stake.

CVB Financial Corporation (NASDAQ:CVBF - Get Free Report) passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $21.37 and traded as high as $22.51. CVB Financial shares last traded at $22.28, with a volume of 1,649,663 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Weiss Ratings raised CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, July 24th. 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. Raymond James Financial raised shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price objective for the company in a research note on Wednesday, July 1st. Wall Street Zen upgraded shares of CVB Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Piper Sandler raised their price target on shares of CVB Financial from $27.00 to $28.00 and gave the company an "overweight" rating in a report on Monday, July 27th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $26.25.

CVB Financial Trading Up 1.2%

The firm has a fifty day simple moving average of $22.53 and a two-hundred day simple moving average of $21.37. The stock has a market cap of $3.92 billion, a PE ratio of 15.37 and a beta of 0.66. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.17.

CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The business had revenue of $179.43 million for the quarter, compared to the consensus estimate of $184.62 million. CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. During the same quarter last year, the business posted $0.36 EPS. As a group, equities analysts expect that CVB Financial Corporation will post 1.74 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, September 30th. CVB Financial's payout ratio is currently 55.17%.

Insider Transactions at CVB Financial

In related news, COO David C. Harvey sold 40,000 shares of the company's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total value of $917,600.00. Following the completion of the transaction, the chief operating officer directly owned 98,149 shares in the company, valued at approximately $2,251,538.06. The trade was a 28.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mike Maddox bought 10,000 shares of CVB Financial stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average cost of $22.03 per share, for a total transaction of $220,300.00. Following the purchase, the director owned 13,138 shares of the company's stock, valued at $289,430.14. The trade was a 318.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 6.40% of the company's stock.

Institutional Investors Weigh In On CVB Financial

A number of large investors have recently added to or reduced their stakes in CVBF. Savant Capital LLC raised its holdings in shares of CVB Financial by 6.1% during the 4th quarter. Savant Capital LLC now owns 11,342 shares of the financial services provider's stock valued at $211,000 after buying an additional 653 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in 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 in the last quarter. Gamco Investors INC. ET AL grew its position in CVB Financial by 7.5% during the first 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 during the last quarter. Royal Bank of Canada grew its position in CVB Financial by 8.5% during the first quarter. Royal Bank of Canada now owns 21,755 shares of the financial services provider's stock valued at $422,000 after acquiring an additional 1,704 shares during the last quarter. Finally, QRG Capital Management Inc. grew its position in CVB Financial by 16.9% during the second quarter. QRG Capital Management Inc. now owns 12,276 shares of the financial services provider's stock valued at $277,000 after acquiring an additional 1,776 shares during the last quarter. Hedge funds and other 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 financial institution serving businesses, professionals, individuals and nonprofit organizations. The company provides relationship-focused banking through a network of branches and commercial banking offices across Southern and Central California.

Citizens Business Bank offers a range of products and services, including commercial and small-business loans, commercial real estate financing, construction lending, agricultural lending, lines of credit, deposit accounts, cash-management and treasury services, online and mobile banking, and personal banking products.

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