CVB Financial Corp. (CVBF) To Go Ex-Dividend on July 11th

CVB Financial Corp. (NASDAQ:CVBF) declared a quarterly dividend on Wednesday, June 26th, Zacks reports. Investors of record on Thursday, July 11th will be paid a dividend of 0.20 per share by the financial services provider on Thursday, July 25th. This represents a $0.80 annualized dividend and a yield of 4.69%. The ex-dividend date is Thursday, July 11th.

CVB Financial has decreased its dividend by an average of 12.6% annually over the last three years. CVB Financial has a payout ratio of 53.3% indicating that its dividend is sufficiently covered by earnings. 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

NASDAQ CVBF traded up $0.06 during trading on Friday, hitting $17.06. 42,821 shares of the company’s stock traded hands, compared to its average volume of 799,803. The stock has a fifty day moving average of $16.67 and a two-hundred day moving average of $17.55. CVB Financial has a 12-month low of $12.89 and a 12-month high of $21.77. The firm has a market cap of $2.38 billion, a P/E ratio of 11.18 and a beta of 0.46.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.35. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. The business had revenue of $126.57 million during the quarter, compared to analyst estimates of $127.46 million. During the same period in the prior year, the business posted $0.42 earnings per share. The company’s revenue was down 8.9% on a year-over-year basis. As a group, analysts expect that CVB Financial will post 1.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CVBF has been the subject of several analyst reports. Wedbush restated a “neutral” rating and set a $19.00 price target on shares of CVB Financial in a research report on Thursday, April 25th. Hovde Group downgraded shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price objective for the company. in a research note on Monday, April 22nd. Keefe, Bruyette & Woods lowered their price objective on shares of CVB Financial from $20.00 to $19.00 and set a “market perform” rating for the company in a research note on Friday, April 26th. Stephens reaffirmed an “equal weight” rating and set a $20.00 price objective on shares of CVB Financial in a research note on Thursday, April 25th. Finally, Janney Montgomery Scott downgraded shares of CVB Financial from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 22nd. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, CVB Financial has an average rating of “Hold” and an average target price of $19.00.

Insider Buying and Selling

In related news, Director George A. Borba, Jr. purchased 4,610 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was bought at an average cost 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director George A. Borba, Jr. purchased 4,610 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was bought at an average cost 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director George A. Borba, Jr. bought 34,200 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were acquired at an average cost of $15.99 per share, with a total value of $546,858.00. Following the purchase, 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. Insiders purchased a total of 39,910 shares of company stock valued at $638,669 over the last three months. Corporate insiders own 6.00% 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.