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

CVB Financial Corporation (NASDAQ:CVBF)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $23.37 and last traded at $23.2850, with a volume of 395333 shares trading hands. The stock had previously closed at $22.71.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler lifted their price target on CVB Financial from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Stephens reissued an “equal weight” rating and set a $23.00 target price on shares of CVB Financial in a research report on Tuesday, June 16th. Raymond James Financial raised CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a report on Wednesday, July 1st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of CVB Financial in a report on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.30.

CVB Financial Trading Up 2.2%

The stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of 15.26 and a beta of 0.65. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.73 and a current ratio of 0.73. The business has a 50-day moving average of $21.12 and a 200-day moving average of $20.26.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.38 EPS for the quarter, hitting the consensus estimate of $0.38. CVB Financial had a return on equity of 9.16% and a net margin of 32.05%.The company had revenue of $132.12 million for the quarter, compared to analyst estimates of $162.29 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. As a group, research analysts forecast that CVB Financial Corporation will post 1.63 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Thursday, July 9th. CVB Financial’s payout ratio is presently 52.63%.

Insiders Place Their Bets

In other CVB Financial news, Director George A. Borba, Jr. purchased 25,187 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $19.85 per share, for a total transaction of $499,961.95. Following the purchase, the director directly owned 846,308 shares in the company, valued at approximately $16,799,213.80. This trade represents a 3.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 6.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CVB Financial

Several hedge funds have recently made changes to their positions in CVBF. Aster Capital Management DIFC Ltd raised its stake in CVB Financial by 8,940.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,989 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 1,967 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of CVB Financial in the fourth quarter valued at approximately $42,000. Larson Financial Group LLC raised its stake in shares of CVB Financial by 288.9% during the fourth quarter. Larson Financial Group LLC now owns 2,411 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 1,791 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of CVB Financial by 40.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 695 shares during the last quarter. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of CVB Financial during the second quarter worth $103,000. Institutional investors and hedge funds own 74.18% of the company’s stock.

CVB Financial Company Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.