CVB Financial (NASDAQ:CVBF) Reaches New 12-Month High – Here’s What Happened

CVB Financial Corporation (NASDAQ:CVBF)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $21.42 and last traded at $21.3340, with a volume of 263155 shares traded. The stock had previously closed at $20.97.

Wall Street Analysts Forecast Growth

CVBF has been the subject of several analyst reports. DA Davidson increased their price target on shares of CVB Financial from $21.00 to $22.50 and gave the company a “neutral” rating in a research note on Friday, December 19th. Wall Street Zen lowered CVB Financial from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CVB Financial in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.17.

CVB Financial Trading Up 1.6%

The business has a fifty day moving average price of $19.69 and a 200 day moving average price of $19.44. The firm has a market cap of $2.92 billion, a PE ratio of 14.18 and a beta of 0.68.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $0.40 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.40. The firm had revenue of $133.85 million during the quarter, compared to analysts’ expectations of $135.45 million. CVB Financial had a net margin of 32.28% and a return on equity of 9.30%. During the same period in the previous year, the company earned $0.36 earnings per share. On average, research analysts expect that CVB Financial Corporation will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 13th. Stockholders of record on Monday, December 29th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, December 29th. CVB Financial’s payout ratio is 53.33%.

Insider Transactions at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. acquired 27,094 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were purchased at an average price of $18.45 per share, with a total value of $499,884.30. Following the completion of the acquisition, the director directly owned 745,782 shares of the company’s stock, valued at approximately $13,759,677.90. The trade was a 3.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

Several hedge funds have recently added to or reduced their stakes in CVBF. ProShare Advisors LLC increased its position in CVB Financial by 2.1% during the fourth quarter. ProShare Advisors LLC now owns 25,393 shares of the financial services provider’s stock worth $472,000 after buying an additional 521 shares in the last quarter. Bolthouse Investments LLC increased its holdings in shares of CVB Financial by 1.0% during the 3rd quarter. Bolthouse Investments LLC now owns 58,746 shares of the financial services provider’s stock worth $1,111,000 after buying an additional 561 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of CVB Financial by 0.8% in the 4th quarter. State of Alaska Department of Revenue now owns 71,608 shares of the financial services provider’s stock worth $1,330,000 after purchasing an additional 561 shares during the period. Savant Capital LLC raised its holdings in CVB Financial by 5.6% in the third quarter. Savant Capital LLC now owns 10,689 shares of the financial services provider’s stock valued at $202,000 after buying an additional 564 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of CVB Financial by 10.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,384 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 619 shares in the last quarter. 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.