CVB Financial (NASDAQ:CVBF) Sets New 52-Week High – What’s Next?

by · The Markets Daily

CVB Financial Corp. (NASDAQ:CVBF – Get Free Report)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $21.89 and last traded at $21.78, with a volume of 437707 shares changing hands. The stock had previously closed at $19.31.

Wall Street Analyst Weigh In

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

View Our Latest Report on CVB Financial

CVB Financial Stock Performance

The company has a market cap of $3.16 billion, a P/E ratio of 15.82 and a beta of 0.44. The business’s fifty day moving average is $18.46 and its two-hundred day moving average is $17.65.

CVB Financial (NASDAQ:CVBF – Get Free Report) last announced 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. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The company had revenue of $126.45 million for the quarter, compared to analysts’ expectations of $126.75 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. CVB Financial’s revenue was down 8.2% compared to the same quarter last year. Analysts expect that CVB Financial Corp. will post 1.41 EPS for the current fiscal year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were issued a dividend of $0.20 per share. 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 payout ratio is 55.94%.

Hedge Funds Weigh In On CVB Financial

Several institutional investors have recently bought and sold shares of the business. American Century Companies Inc. raised its holdings in CVB Financial by 1.0% in the second quarter. American Century Companies Inc. now owns 5,813,290 shares of the financial services provider’s stock worth $100,221,000 after purchasing an additional 58,774 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in CVB Financial by 16.9% during the second quarter. Dimensional Fund Advisors LP now owns 5,649,691 shares of the financial services provider’s stock valued at $97,399,000 after acquiring an additional 816,176 shares during the last quarter. Sei Investments Co. boosted its stake in CVB Financial by 2.9% in the second quarter. Sei Investments Co. now owns 628,921 shares of the financial services provider’s stock valued at $10,843,000 after acquiring an additional 17,483 shares in the last quarter. Bessemer Group Inc. grew its holdings in CVB Financial by 7.3% in the first quarter. Bessemer Group Inc. now owns 539,730 shares of the financial services provider’s stock worth $9,629,000 after purchasing an additional 36,894 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its position in shares of CVB Financial by 7.6% during the second quarter. Public Sector Pension Investment Board now owns 291,836 shares of the financial services provider’s stock worth $5,031,000 after purchasing an additional 20,498 shares in the last quarter. 74.18% of the stock is owned by hedge funds and other institutional investors.

CVB Financial Company Profile

(Get Free Report)

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.

Featured Stories