CVB Financial (NASDAQ:CVBF) Sets New 1-Year High – Here’s Why

CVB Financial Corporation (NASDAQ:CVBF) shares hit a new 52-week high on Tuesday . The stock traded as high as $21.63 and last traded at $21.4010, with a volume of 317378 shares. The stock had previously closed at $20.84.

Analyst Ratings Changes

A number of research firms have recently issued reports on CVBF. Weiss Ratings upgraded shares of CVB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, April 10th. Piper Sandler lifted their price objective 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 reiterated an “equal weight” rating and set a $23.00 target price on shares of CVB Financial in a research report on Tuesday. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.13.

CVB Financial Stock Up 2.8%

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’s 50-day moving average price is $20.33 and its 200 day moving average price is $19.91. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 14.09 and a beta of 0.66.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.38. The business had revenue of $132.12 million for the quarter, compared to the consensus estimate 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 in the prior year, the business earned $0.36 earnings per share. Sell-side analysts expect that CVB Financial Corporation will post 1.56 EPS for the current year.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Wednesday, April 1st. CVB Financial’s payout ratio is presently 52.63%.

Insiders Place Their Bets

In related news, Director George A. Borba, Jr. acquired 50,242 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was bought at an average price of $19.90 per share, with a total value of $999,815.80. Following the purchase, the director directly owned 796,024 shares in the company, valued at $15,840,877.60. The trade was a 6.74% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.40% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in CVB Financial by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 7,613,287 shares of the financial services provider’s stock worth $147,620,000 after purchasing an additional 331,307 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of CVB Financial by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,488,821 shares of the financial services provider’s stock worth $102,092,000 after buying an additional 67,563 shares during the period. HoldCo Asset Management LP grew its position in CVB Financial by 17,051.0% during the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock valued at $41,366,000 after acquiring an additional 2,211,005 shares during the period. Victory Capital Management Inc. increased its stake in CVB Financial by 3.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,031,381 shares of the financial services provider’s stock worth $37,784,000 after acquiring an additional 74,914 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of CVB Financial by 2.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,739,743 shares of the financial services provider’s stock valued at $32,359,000 after purchasing an additional 39,771 shares in the last quarter. Institutional investors and hedge funds 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 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.