CVB Financial (NASDAQ:CVBF) Sets New 52-Week High – Still a Buy?

CVB Financial Corporation (NASDAQ:CVBF) shares hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $23.80 and last traded at $23.3310, with a volume of 73,415 shares. The stock had previously closed at $22.93.

Wall Street Analyst Weigh In

Several research analysts have commented on CVBF shares. Weiss Ratings upgraded CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 26th. Piper Sandler upped their price target on CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. DA Davidson increased their price target 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 upgraded shares of CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price objective for the company in a research report on Thursday, August 6th. Finally, Wall Street Zen raised shares of CVB Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.25.

CVB Financial Stock Performance

The firm has a market capitalization of $4.02 billion, a PE ratio of 15.14 and a beta of 0.68. The company has a quick ratio of 0.77, a current ratio of 0.75 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average of $22.31 and a 200 day moving average of $21.21.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.01). The business had revenue of $191.74 million during the quarter, compared to analysts’ expectations of $192.80 million. CVB Financial had a net margin of 29.54% and a return on equity of 9.42%. During the same period in the previous year, the business earned $0.38 EPS. Equities research analysts predict that CVB Financial Corporation will post 1.77 EPS for the current year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.20 per share. The ex-dividend date was Wednesday, September 30th. This represents a $0.80 annualized dividend and a yield of 3.5%. CVB Financial’s payout ratio is presently 52.98%.

Insider Buying and Selling

In related news, Director Mike Maddox purchased 10,000 shares of the firm’s stock in a transaction dated Monday, August 31st. The shares were purchased at an average price of $22.03 per share, with a total value of $220,300.00. Following the acquisition, the director directly owned 13,138 shares of the company’s stock, valued at approximately $289,430.14. This 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 through the SEC website. 6.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of CVB Financial in the second quarter worth $579,285,000. Bank of New York Mellon Corp purchased a new stake in CVB Financial during the 2nd quarter valued at $38,066,000. The Manufacturers Life Insurance Company bought a new stake in CVB Financial in the 2nd quarter worth $29,928,000. Bank of America Corp DE bought a new stake in CVB Financial in the 2nd quarter worth $20,882,000. Finally, Arrowstreet Capital Limited Partnership increased 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 during the period. Institutional investors own 74.18% of the company’s stock.

CVB Financial Company Profile

CVB Financial Corp. is a bank holding company headquartered in Ontario, California. Its principal subsidiary, Citizens Business Bank, provides banking and financial services to businesses, professionals, and individuals, with a focus on relationship-based commercial banking.

Citizens Business Bank offers business checking and savings accounts, commercial and real estate loans, lines of credit, equipment financing, treasury management, cash management, and international banking services.