CVB Financial (NASDAQ:CVBF) COO David Harvey Sells 40,000 Shares

CVB Financial Corporation (NASDAQ:CVBF) COO David Harvey sold 40,000 shares of CVB Financial stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total value of $917,600.00. Following the sale, the chief operating officer directly owned 98,149 shares of the company’s stock, valued at $2,251,538.06. This trade represents a 28.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

CVB Financial Price Performance

Shares of NASDAQ CVBF opened at $22.89 on Thursday. CVB Financial Corporation has a 52 week low of $17.94 and a 52 week high of $23.36. The business’s 50 day moving average price is $21.88 and its 200 day moving average price is $20.64. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 0.17. The firm has a market cap of $4.04 billion, a P/E ratio of 15.79 and a beta of 0.65.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $179.43 million for the quarter, compared to analysts’ expectations 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 in the prior year, the business posted $0.36 earnings per share. On average, sell-side analysts expect that CVB Financial Corporation will post 1.72 earnings per share for the current year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Investors of record on Thursday, July 9th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. CVB Financial’s payout ratio is currently 55.17%.

Institutional Investors Weigh In On CVB Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HoldCo Asset Management LP raised its holdings in shares of CVB Financial by 17,051.0% during the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock valued at $41,366,000 after acquiring an additional 2,211,005 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of CVB Financial by 71.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,221,437 shares of the financial services provider’s stock valued at $23,684,000 after acquiring an additional 507,228 shares in the last quarter. Weiss Asset Management LP acquired a new stake in shares of CVB Financial in the first quarter worth approximately $8,303,000. Bernzott Capital Advisors acquired a new stake in shares of CVB Financial in the first quarter worth approximately $8,054,000. Finally, Bessemer Group Inc. increased its position in shares of CVB Financial by 34.1% during the first quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock worth $28,439,000 after purchasing an additional 372,732 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings raised shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. Raymond James Financial raised CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a report on Wednesday, July 1st. Piper Sandler upped their target price on CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. DA Davidson raised their target price on CVB Financial from $22.50 to $25.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Finally, Stephens boosted their price target on CVB Financial from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.75.

About CVB Financial

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.