CVB Financial (NASDAQ:CVBF) Hits New 52-Week High – Here’s Why

CVB Financial Corp. (NASDAQ:CVBF) hit a new 52-week high on Friday . The stock traded as high as $23.60 and last traded at $23.46, with a volume of 38719 shares changing hands. The stock had previously closed at $23.19.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wedbush reissued a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research report on Thursday, October 24th. Piper Sandler cut their price target on CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Finally, Keefe, Bruyette & Woods upgraded CVB Financial from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, CVB Financial has a consensus rating of “Hold” and an average price target of $20.80.

CVB Financial Stock Performance

The business has a 50 day simple moving average of $19.67 and a 200-day simple moving average of $18.15. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 16.66 and a beta of 0.44.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $126.45 million for the quarter, compared to analysts’ expectations of $126.75 million. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. CVB Financial’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 earnings per share. As a group, research analysts anticipate that CVB Financial Corp. will post 1.43 earnings per share for the current year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were paid a $0.20 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.36%. CVB Financial’s payout ratio is 55.94%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CVBF. Allspring Global Investments Holdings LLC purchased a new stake in CVB Financial in the 3rd quarter valued at about $27,000. nVerses Capital LLC increased its position in shares of CVB Financial by 466.7% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,400 shares during the last quarter. Versant Capital Management Inc lifted its holdings in CVB Financial by 832.8% during the second quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,574 shares during the period. Innealta Capital LLC purchased a new position in CVB Financial in the second quarter worth $38,000. Finally, GAMMA Investing LLC grew its stake in CVB Financial by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $78,000 after purchasing an additional 780 shares during the period. 74.18% of the stock is 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.