CVB Financial Corp. (NASDAQ:CVBF) Declares $0.20 Quarterly Dividend

CVB Financial Corp. (NASDAQ:CVBF) declared a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.20 per share by the financial services provider on Wednesday, January 15th. This represents a $0.80 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Tuesday, December 31st.

CVB Financial has decreased its dividend payment by an average of 12.6% per year over the last three years. CVB Financial has a payout ratio of 56.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect CVB Financial to earn $1.39 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 57.6%.

CVB Financial Trading Down 1.0 %

CVBF stock traded down $0.23 during trading on Tuesday, reaching $22.80. The stock had a trading volume of 918,699 shares, compared to its average volume of 824,361. The firm has a fifty day moving average price of $21.39 and a 200 day moving average price of $18.89. The company has a market capitalization of $3.18 billion, a P/E ratio of 16.13 and a beta of 0.49. CVB Financial has a 1-year low of $15.71 and a 1-year high of $24.58.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. The company had revenue of $126.45 million for the quarter, compared to the consensus estimate of $126.75 million. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. CVB Financial’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. Sell-side analysts predict that CVB Financial will post 1.43 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of CVB Financial from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Wedbush reiterated a “neutral” rating and issued a $20.00 target price on shares of CVB Financial in a research report on Thursday, October 24th. Finally, Piper Sandler dropped their price target on CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CVB Financial presently has an average rating of “Hold” and an average price target of $21.80.

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.