CVB Financial (NASDAQ:CVBF) Sets New 52-Week High - Here's Why

CVB Financial Corp. (NASDAQ:CVBF - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $23.38 and last traded at $23.31, with a volume of 29578 shares. The stock had previously closed at $23.07.

Analysts Set New Price Targets

Several research firms recently weighed in on CVBF. Piper Sandler reduced their price objective on shares of CVB Financial from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Friday, November 1st. Keefe, Bruyette & Woods raised shares of CVB Financial from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Wedbush reaffirmed a "neutral" rating and issued a $20.00 price target on shares of CVB Financial in a research note on Thursday, October 24th. Finally, Stephens lifted their price target 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $20.80.

CVB Financial Stock Up 0.7 %

The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 16.13 and a beta of 0.44. The stock's fifty day moving average price is $18.69 and its 200-day moving average price is $17.77.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating 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 company had revenue of $126.45 million for the quarter, compared to the consensus estimate of $126.75 million. During the same period last year, the company earned $0.42 earnings per share. The firm's revenue was down 8.2% compared to the same quarter last year. Analysts anticipate that CVB Financial Corp. will post 1.43 EPS for the current year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 3.44%. CVB Financial's payout ratio is 55.94%.

Hedge Funds Weigh In On CVB Financial

A number of institutional investors have recently added to or reduced their stakes in CVBF. Dimensional Fund Advisors LP increased its holdings in CVB Financial by 16.9% during 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 buying an additional 816,176 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in CVB Financial by 3.8% during 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 during the last quarter. Thrivent Financial for Lutherans increased its holdings in CVB Financial by 87.6% during the third quarter. Thrivent Financial for Lutherans now owns 213,159 shares of the financial services provider's stock worth $3,798,000 after buying an additional 99,554 shares during the last quarter. Inspire Advisors LLC acquired a new position in shares of CVB Financial in the second quarter valued at $1,474,000. Finally, Sei Investments Co. increased its holdings in shares of CVB Financial by 15.5% in the first quarter. Sei Investments Co. now owns 611,438 shares of the financial services provider's stock valued at $10,908,000 after purchasing an additional 82,125 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.