CVB Financial Corp. (NASDAQ:CVBF) Sees Significant Growth in Short Interest

CVB Financial Corp. (NASDAQ:CVBF) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 3,500,000 shares, a growth of 6.4% from the October 15th total of 3,290,000 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily volume of 809,700 shares, the days-to-cover ratio is currently 4.3 days.

Analyst Ratings Changes

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

CVB Financial Stock Down 0.5 %

Shares of CVB Financial stock traded down $0.11 on Tuesday, reaching $22.41. The company’s stock had a trading volume of 255,854 shares, compared to its average volume of 825,782. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of 15.66 and a beta of 0.44. CVB Financial has a 52 week low of $15.71 and a 52 week high of $23.43. The firm’s fifty day simple moving average is $19.21 and its two-hundred day simple moving average is $17.99.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 EPS for the quarter, topping 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 firm had revenue of $126.45 million during the quarter, compared to analyst estimates of $126.75 million. During the same period in the previous year, the business posted $0.42 earnings per share. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. As a group, research analysts predict that CVB Financial will post 1.43 EPS for the current year.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.80 annualized dividend and a yield of 3.57%. CVB Financial’s payout ratio is 55.94%.

Institutional Investors Weigh In On CVB Financial

Several hedge funds and other institutional investors have recently made changes to their positions in CVBF. Dimensional Fund Advisors LP raised its position in CVB Financial by 16.9% in 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 acquiring an additional 816,176 shares during the period. Wellington Management Group LLP purchased a new position in CVB Financial during the third quarter valued at $8,653,000. Jacobs Asset Management LLC bought a new stake in CVB Financial during the third quarter valued at about $4,455,000. Charles Schwab Investment Management Inc. increased its position in CVB Financial by 3.8% in 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 in the last quarter. Finally, Barclays PLC raised its stake in shares of CVB Financial by 79.5% in the third quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock worth $5,186,000 after buying an additional 128,869 shares during the period. Hedge funds and other institutional investors own 74.18% of the company’s stock.

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.