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

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 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% indicating that 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 Trading Up 2.7 %

NASDAQ:CVBF opened at $17.00 on Friday. The company has a 50 day simple moving average of $16.67 and a two-hundred day simple moving average of $17.55. The company has a market cap of $2.37 billion, a PE ratio of 11.18 and a beta of 0.46. CVB Financial has a 12 month low of $12.89 and a 12 month high of $21.77.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, hitting the consensus estimate of $0.35. CVB Financial had a return on equity of 10.84% and a net margin of 30.93%. The company had revenue of $126.57 million during the quarter, compared to analyst estimates of $127.46 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. CVB Financial’s revenue was down 8.9% compared to the same quarter last year. Research analysts forecast that CVB Financial will post 1.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director George A. Borba, Jr. acquired 4,610 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were purchased at an average cost of $16.00 per share, for a total transaction of $73,760.00. Following the transaction, the director now directly owns 665,121 shares of the company’s stock, valued at $10,641,936. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other CVB Financial news, Director George A. Borba, Jr. purchased 34,200 shares of the company’s stock in a transaction on Friday, June 14th. The stock was acquired at an average cost of $15.99 per share, for a total transaction 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director George A. Borba, Jr. acquired 4,610 shares of the business’s stock in a transaction on Monday, June 17th. The shares were bought at an average cost of $16.00 per share, with a total value of $73,760.00. Following the completion of the acquisition, the director now owns 665,121 shares in the company, valued at $10,641,936. The disclosure for this purchase can be found here. Insiders bought a total of 39,910 shares of company stock worth $638,669 over the last three months. 6.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Stephens reiterated an “equal weight” rating and issued a $20.00 price objective on shares of CVB Financial in a research note 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 target on the stock. in a research report on Monday, April 22nd. Janney Montgomery Scott downgraded shares of CVB Financial from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 22nd. Keefe, Bruyette & Woods reduced their price objective on 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. Finally, Wedbush reiterated a “neutral” rating and set a $19.00 target price on shares of CVB Financial in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.