CVB Financial (NASDAQ:CVBF) Hits New 1-Year High – Here’s What Happened

CVB Financial Corp. (NASDAQ:CVBF)’s share price reached 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. The stock had previously closed at $23.19.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Wedbush restated a “neutral” rating and issued a $20.00 target price on shares of CVB Financial in a research note on Thursday, October 24th. Stephens increased their price objective on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods raised CVB Financial from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $22.00 in a research report on Wednesday, October 2nd. Finally, Piper Sandler reduced their price target 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, CVB Financial has a consensus rating of “Hold” and an average price target of $20.80.

CVB Financial Price Performance

The firm’s 50 day simple moving average is $19.55 and its two-hundred day simple moving average is $18.09. The firm has a market capitalization of $3.33 billion, a P/E ratio of 16.22 and a beta of 0.44.

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

CVB Financial Dividend Announcement

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

Hedge Funds Weigh In On CVB Financial

Several institutional investors have recently added to or reduced their stakes in CVBF. Geode Capital Management LLC raised its holdings in shares of CVB Financial by 0.5% in the third quarter. Geode Capital Management LLC now owns 3,164,463 shares of the financial services provider’s stock worth $56,401,000 after buying an additional 15,628 shares during the period. Barclays PLC grew its position in CVB Financial by 79.5% in the 3rd quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock valued at $5,186,000 after acquiring an additional 128,869 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in CVB Financial in the third quarter worth $597,000. Jane Street Group LLC grew its holdings in shares of CVB Financial by 11.8% in the third quarter. Jane Street Group LLC now owns 136,780 shares of the financial services provider’s stock worth $2,437,000 after purchasing an additional 14,384 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in CVB Financial in the 3rd quarter worth about $8,653,000. Hedge funds and other institutional investors own 74.18% of the company’s stock.

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.