CVB Financial Corp. (NASDAQ:CVBF - Get Free Report) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 3,290,000 shares, a decrease of 22.8% from the September 30th total of 4,260,000 shares. Approximately 2.5% of the company's shares are short sold. Based on an average trading volume of 852,800 shares, the short-interest ratio is currently 3.9 days.
Analysts Set New Price Targets
A number of research firms have recently weighed in on CVBF. Stephens increased their price target on CVB Financial from $19.00 to $21.00 and gave the stock an "equal weight" rating in a report on Friday, July 26th. Keefe, Bruyette & Woods raised shares of CVB Financial from a "market perform" rating to an "outperform" rating and upped their target price for the company from $20.00 to $22.00 in a research report on Wednesday, October 2nd. Finally, Wedbush reiterated a "neutral" rating and set a $20.00 price target on shares of CVB Financial in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $20.25.
View Our Latest Research Report on CVBF
Hedge Funds Weigh In On CVB Financial
Several hedge funds have recently made changes to their positions in the company. Arizona State Retirement System grew its holdings in shares of CVB Financial by 1.9% during the second quarter. Arizona State Retirement System now owns 39,018 shares of the financial services provider's stock worth $673,000 after purchasing an additional 725 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in CVB Financial by 5.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,538 shares of the financial services provider's stock valued at $250,000 after purchasing an additional 748 shares during the last quarter. GAMMA Investing LLC raised its position in CVB Financial by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $78,000 after purchasing an additional 780 shares during the last quarter. AlphaMark Advisors LLC raised its position in CVB Financial by 4.7% in the 3rd quarter. AlphaMark Advisors LLC now owns 19,179 shares of the financial services provider's stock valued at $342,000 after purchasing an additional 859 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in CVB Financial by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider's stock valued at $1,150,000 after purchasing an additional 1,100 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company's stock.
CVB Financial Price Performance
Shares of CVBF traded up $0.35 during midday trading on Monday, reaching $19.58. The stock had a trading volume of 624,333 shares, compared to its average volume of 829,561. The company's fifty day simple moving average is $18.12 and its two-hundred day simple moving average is $17.46. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 12.88 and a beta of 0.45. CVB Financial has a 1-year low of $15.38 and a 1-year high of $21.77.
CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business had revenue of $126.45 million for the quarter, compared to analyst estimates of $126.75 million. During the same quarter last year, the company earned $0.42 EPS. The business's quarterly revenue was down 8.2% on a year-over-year basis. On average, sell-side analysts forecast that CVB Financial will post 1.4 earnings per share for the current year.
CVB Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Monday, September 30th. CVB Financial's payout ratio is 52.63%.
About CVB Financial
(
Get Free Report)
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.
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