CVB Financial (NASDAQ:CVBF) Shares Up 4.8%

CVB Financial Corp. (NASDAQ:CVBF)’s stock price traded up 4.8% during trading on Wednesday . The stock traded as high as $18.22 and last traded at $18.22. 573,695 shares changed hands during trading, a decline of 32% from the average session volume of 838,810 shares. The stock had previously closed at $17.39.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CVBF shares. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a research report on Wednesday. Wedbush dropped their target price on CVB Financial from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Finally, Stephens upped their price target on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, CVB Financial has an average rating of “Hold” and an average target price of $20.25.

CVB Financial Price Performance

The company has a market capitalization of $2.51 billion, a P/E ratio of 11.44 and a beta of 0.45. The firm has a fifty day moving average price of $17.77 and a 200-day moving average price of $17.24.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. The firm had revenue of $125.27 million during the quarter, compared to analyst estimates of $126.86 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period last year, the firm posted $0.40 EPS. On average, research analysts forecast that CVB Financial Corp. will post 1.4 EPS for the current year.

CVB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 14th. Investors of record on Monday, September 30th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.80 annualized dividend and a yield of 4.44%. CVB Financial’s payout ratio is 52.63%.

Institutional Trading of CVB Financial

Several hedge funds have recently made changes to their positions in the company. Arizona State Retirement System increased its holdings in CVB Financial by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 39,018 shares of the financial services provider’s stock worth $673,000 after acquiring an additional 725 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of CVB Financial by 5.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,538 shares of the financial services provider’s stock valued at $250,000 after purchasing an additional 748 shares during the period. Louisiana State Employees Retirement System raised its position in shares of CVB Financial by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider’s stock valued at $1,150,000 after purchasing an additional 1,100 shares during the period. Texas Permanent School Fund Corp boosted its holdings in CVB Financial by 1.1% in the 1st quarter. Texas Permanent School Fund Corp now owns 115,600 shares of the financial services provider’s stock worth $2,062,000 after buying an additional 1,299 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its stake in CVB Financial by 1.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 114,509 shares of the financial services provider’s stock valued at $2,041,000 after buying an additional 1,396 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.