CVB Financial (NASDAQ:CVBF) Sets New 52-Week High – Here’s Why

CVB Financial Corp. (NASDAQ:CVBF)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $23.38 and last traded at $23.31, with a volume of 29578 shares. The stock had previously closed at $23.07.

Analysts Set New Price Targets

Several research firms recently weighed in on CVBF. Piper Sandler reduced their price objective on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Wedbush reaffirmed a “neutral” rating and issued a $20.00 price target on shares of CVB Financial in a research note on Thursday, October 24th. Finally, Stephens lifted their price target on shares of CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $20.80.

CVB Financial Stock Up 0.7 %

The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 16.13 and a beta of 0.44. The stock’s fifty day moving average price is $18.69 and its 200-day moving average price is $17.77.

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, beating analysts’ consensus estimates of $0.35 by $0.02. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The company had revenue of $126.45 million for the quarter, compared to the consensus estimate of $126.75 million. During the same period last year, the company earned $0.42 earnings per share. The firm’s revenue was down 8.2% compared to the same quarter last year. Analysts anticipate that CVB Financial Corp. will post 1.43 EPS for the current year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 3.44%. CVB Financial’s payout ratio is 55.94%.

Hedge Funds Weigh In On CVB Financial

A number of institutional investors have recently added to or reduced their stakes in CVBF. Dimensional Fund Advisors LP increased its holdings 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 worth $97,399,000 after buying an additional 816,176 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in CVB Financial by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,952,354 shares of the financial services provider’s stock worth $88,251,000 after buying an additional 181,769 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in CVB Financial by 87.6% during the third quarter. Thrivent Financial for Lutherans now owns 213,159 shares of the financial services provider’s stock worth $3,798,000 after buying an additional 99,554 shares during the last quarter. Inspire Advisors LLC acquired a new position in shares of CVB Financial in the second quarter valued at $1,474,000. Finally, Sei Investments Co. increased its holdings in shares of CVB Financial by 15.5% in the first quarter. Sei Investments Co. now owns 611,438 shares of the financial services provider’s stock valued at $10,908,000 after purchasing an additional 82,125 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

About CVB Financial

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.