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

Shares of CVB Financial Corp. (NASDAQ:CVBF) hit a new 52-week high during trading on Tuesday . The stock traded as high as $23.38 and last traded at $23.31, with a volume of 29578 shares traded. The stock had previously closed at $23.07.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CVBF shares. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and increased their target price for the company from $20.00 to $22.00 in a research report on Wednesday, October 2nd. Piper Sandler decreased their target price on CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Stephens boosted their target price on CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Wedbush reiterated a “neutral” rating and set a $20.00 price target on shares of CVB Financial in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.80.

CVB Financial Stock Down 1.9 %

The company has a market capitalization of $3.15 billion, a PE ratio of 16.06 and a beta of 0.44. The company has a 50-day moving average price of $18.79 and a two-hundred day moving average price of $17.82.

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

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend was Monday, September 30th. CVB Financial’s dividend payout ratio is presently 55.94%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CVBF. BNP Paribas Financial Markets boosted its position in shares of CVB Financial by 67.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 66,195 shares of the financial services provider’s stock valued at $1,180,000 after acquiring an additional 26,610 shares during the last quarter. Quantbot Technologies LP lifted its position in CVB Financial by 317.5% during the third quarter. Quantbot Technologies LP now owns 82,267 shares of the financial services provider’s stock valued at $1,466,000 after purchasing an additional 62,562 shares during the last quarter. Advantage Alpha Capital Partners LP grew its stake in CVB Financial by 53.6% in the 3rd quarter. Advantage Alpha Capital Partners LP now owns 26,424 shares of the financial services provider’s stock worth $471,000 after buying an additional 9,223 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of CVB Financial by 27.4% in the 3rd quarter. Cerity Partners LLC now owns 132,656 shares of the financial services provider’s stock worth $2,364,000 after buying an additional 28,501 shares during the last quarter. Finally, Citigroup Inc. raised its position in shares of CVB Financial by 9.8% during the 3rd quarter. Citigroup Inc. now owns 264,663 shares of the financial services provider’s stock valued at $4,716,000 after buying an additional 23,682 shares in the last quarter. Institutional investors own 74.18% of the company’s stock.

About CVB Financial

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.