CVB Financial Corp. (NASDAQ:CVBF) Plans $0.20 Quarterly Dividend

CVB Financial Corp. (NASDAQ:CVBF) declared a quarterly dividend on Wednesday, June 26th, Zacks reports. Shareholders of record on Thursday, July 11th will be given a dividend of 0.20 per share by the financial services provider on Thursday, July 25th. This represents a $0.80 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date is Thursday, July 11th.

CVB Financial has decreased its dividend payment by an average of 12.6% per year over the last three years. CVB Financial has a dividend payout ratio of 53.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect CVB Financial to earn $1.50 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 53.3%.

CVB Financial Price Performance

CVBF opened at $17.00 on Friday. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 11.18 and a beta of 0.46. The firm’s fifty day moving average price is $16.67 and its two-hundred day moving average price is $17.55. CVB Financial has a 1 year low of $12.89 and a 1 year high of $21.77.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, hitting analysts’ consensus estimates of $0.35. The company had revenue of $126.57 million for the quarter, compared to analysts’ expectations of $127.46 million. CVB Financial had a return on equity of 10.84% and a net margin of 30.93%. The business’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.42 EPS. As a group, equities analysts anticipate that CVB Financial will post 1.41 EPS for the current year.

Insider Transactions at CVB Financial

In other news, Director George A. Borba, Jr. bought 4,610 shares of the business’s stock in a transaction on Monday, June 17th. The stock was acquired at an average price of $16.00 per share, with a total value of $73,760.00. Following the completion of the purchase, the director now directly owns 665,121 shares in the company, valued at $10,641,936. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director George A. Borba, Jr. acquired 4,610 shares of the stock in a transaction on Monday, June 17th. The stock was purchased at an average price of $16.00 per share, for a total transaction of $73,760.00. Following the completion of the transaction, the director now owns 665,121 shares of the company’s stock, valued at approximately $10,641,936. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director George A. Borba, Jr. acquired 34,200 shares of the stock in a transaction on Friday, June 14th. The stock was bought at an average price of $15.99 per share, with a total value of $546,858.00. Following the transaction, the director now directly owns 660,511 shares of the company’s stock, valued at approximately $10,561,570.89. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 39,910 shares of company stock valued at $638,669. 6.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Hovde Group cut CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 target price on the stock. in a research note on Monday, April 22nd. Wedbush reiterated a “neutral” rating and set a $19.00 target price on shares of CVB Financial in a research note on Thursday, April 25th. Stephens reiterated an “equal weight” rating and set a $20.00 target price on shares of CVB Financial in a research note on Thursday, April 25th. Janney Montgomery Scott cut CVB Financial from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 22nd. Finally, Keefe, Bruyette & Woods reduced their target price on CVB Financial from $20.00 to $19.00 and set a “market perform” rating for the company in a report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, CVB Financial presently has an average rating of “Hold” and an average price target of $19.00.

CVB Financial Company Profile

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.