CVB Financial Corp. (NASDAQ:CVBF) Sees Large Drop in Short Interest

CVB Financial Corp. (NASDAQ:CVBF) saw a large decrease in short interest in September. As of September 15th, there was short interest totalling 4,340,000 shares, a decrease of 33.2% from the August 31st total of 6,500,000 shares. Based on an average trading volume of 916,600 shares, the short-interest ratio is presently 4.7 days. Approximately 3.3% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CVBF shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $20.00 price target (up previously from $19.00) on shares of CVB Financial in a research note on Friday, July 26th. Wedbush dropped their price target on shares of CVB Financial from $21.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. Finally, Stephens increased 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 investment analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, CVB Financial currently has a consensus rating of “Hold” and a consensus price target of $19.75.

CVB Financial Price Performance

Shares of CVBF stock traded up $0.08 during trading hours on Friday, hitting $17.73. The company had a trading volume of 738,163 shares, compared to its average volume of 841,898. The company’s fifty day moving average is $17.85 and its 200 day moving average is $17.23. CVB Financial has a fifty-two week low of $14.62 and a fifty-two week high of $21.77. The stock has a market capitalization of $2.48 billion, a PE ratio of 11.66 and a beta of 0.45.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.34 by $0.02. The firm had revenue of $125.27 million for the quarter, compared to analyst estimates of $126.86 million. CVB Financial had a net margin of 29.58% and a return on equity of 10.41%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.40 EPS. Equities analysts forecast that CVB Financial will post 1.4 earnings per share for the current year.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 14th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 4.51%. CVB Financial’s dividend payout ratio (DPR) is presently 52.63%.

Insider Activity at CVB Financial

In related news, Director Kimberly H. Sheehy sold 2,961 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $17.14, for a total transaction of $50,751.54. Following the completion of the sale, the director now owns 13,156 shares of the company’s stock, valued at approximately $225,493.84. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CVB Financial

Hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in CVB Financial during the 1st quarter worth approximately $1,205,000. GSA Capital Partners LLP acquired a new stake in CVB Financial during the 1st quarter worth approximately $1,606,000. Bessemer Group Inc. increased its position in shares of CVB Financial by 7.3% in the 1st quarter. Bessemer Group Inc. now owns 539,730 shares of the financial services provider’s stock valued at $9,629,000 after purchasing an additional 36,894 shares during the last quarter. Sei Investments Co. increased its position in shares of CVB Financial by 15.5% in the 1st 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. Finally, CIBC Asset Management Inc purchased a new stake in shares of CVB Financial in the 4th quarter valued at approximately $268,000. 74.18% of the stock is currently owned by institutional investors and hedge funds.

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.