CVB Financial (NASDAQ:CVBF) Director Acquires $220,300.00 in Stock

CVB Financial Corporation (NASDAQ:CVBF) Director Mike Maddox bought 10,000 shares of CVB Financial stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average cost of $22.03 per share, with a total value of $220,300.00. Following the completion of the transaction, the director owned 13,138 shares of the company’s stock, valued at $289,430.14. This trade represents a 318.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

CVB Financial Trading Up 1.9%

Shares of CVBF stock opened at $22.29 on Thursday. The firm has a fifty day moving average of $22.62 and a 200-day moving average of $20.96. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 15.37 and a beta of 0.64. CVB Financial Corporation has a 52-week low of $17.94 and a 52-week high of $23.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.77 and a current ratio of 0.77.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $179.43 million during the quarter, compared to analyst estimates of $184.62 million. CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.During the same period last year, the company earned $0.36 EPS. On average, equities research analysts forecast that CVB Financial Corporation will post 1.72 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. CVB Financial’s dividend payout ratio is presently 55.17%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Corient Private Wealth LP grew its holdings in CVB Financial by 89.7% during the 2nd quarter. Corient Private Wealth LP now owns 38,139 shares of the financial services provider’s stock worth $860,000 after acquiring an additional 18,035 shares during the last quarter. Amundi raised its stake in shares of CVB Financial by 12.5% in the second quarter. Amundi now owns 31,073 shares of the financial services provider’s stock worth $701,000 after acquiring an additional 3,441 shares during the last quarter. HighTower Advisors LLC bought a new position in shares of CVB Financial in the second quarter worth about $218,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of CVB Financial during the second quarter worth approximately $248,000. Finally, California State Teachers Retirement System grew its stake in shares of CVB Financial by 2,558.5% during the second quarter. California State Teachers Retirement System now owns 4,328,382 shares of the financial services provider’s stock valued at $97,605,000 after purchasing an additional 4,165,566 shares during the last quarter. 74.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on CVBF. Raymond James Financial upgraded CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research note on Wednesday, July 1st. DA Davidson upped their target price on shares of CVB Financial from $22.50 to $25.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Stephens raised shares of CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price target for the company in a report on Thursday, August 6th. Piper Sandler boosted their price target on shares of CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, July 24th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

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.