CVB Financial Corp. (NASDAQ:CVBF) to Issue Quarterly Dividend of $0.20

CVB Financial Corp. (NASDAQ:CVBF) announced a quarterly dividend on Monday, September 16th, Zacks reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.20 per share by the financial services provider on Monday, October 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Monday, September 30th.

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 55.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect CVB Financial to earn $1.45 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 55.2%.

CVB Financial Stock Down 1.0 %

Shares of CVB Financial stock traded down $0.19 during trading on Wednesday, hitting $17.92. 53,003 shares of the stock traded hands, compared to its average volume of 827,852. The firm’s fifty day moving average is $17.93 and its 200-day moving average is $17.20. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 11.91 and a beta of 0.45. CVB Financial has a 52 week low of $14.62 and a 52 week high of $21.77.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a net margin of 29.58% and a return on equity of 10.41%. The firm had revenue of $125.27 million during the quarter, compared to analyst estimates of $126.86 million. During the same period in the previous year, the business posted $0.40 EPS. The business’s quarterly revenue was down 5.2% on a year-over-year basis. On average, analysts forecast that CVB Financial will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at CVB Financial

In other CVB Financial news, Director Kimberly H. Sheehy sold 2,961 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $17.14, for a total transaction of $50,751.54. Following the completion of the transaction, the director now owns 13,156 shares of the company’s stock, valued at $225,493.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $20.00 price objective (up previously from $19.00) on shares of CVB Financial in a research note on Friday, July 26th. Wedbush raised their price target on shares of CVB Financial from $18.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Stephens upped 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 note on Friday, July 26th. Finally, Janney Montgomery Scott downgraded CVB Financial from a “buy” rating to a “neutral” rating in a report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, CVB Financial presently has a consensus rating of “Hold” and an average target price of $20.00.

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.