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

CVB Financial Corp. (NASDAQ:CVBFGet Rating) was the target of a large decrease in short interest in July. As of July 15th, there was short interest totalling 5,400,000 shares, a decrease of 16.0% from the June 30th total of 6,430,000 shares. Approximately 4.1% of the shares of the company are short sold. Based on an average daily trading volume, of 926,000 shares, the days-to-cover ratio is presently 5.8 days.

Insider Buying and Selling

In related news, Director Anna Kan sold 7,000 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $24.20, for a total value of $169,400.00. Following the completion of the transaction, the director now directly owns 24,975 shares of the company’s stock, valued at approximately $604,395. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On CVB Financial

A number of institutional investors and hedge funds have recently modified their holdings of CVBF. American Century Companies Inc. lifted its position in shares of CVB Financial by 16,455.8% during the 4th quarter. American Century Companies Inc. now owns 1,800,778 shares of the financial services provider’s stock valued at $38,555,000 after acquiring an additional 1,789,901 shares during the last quarter. State Street Corp lifted its position in shares of CVB Financial by 24.3% during the 1st quarter. State Street Corp now owns 7,689,996 shares of the financial services provider’s stock valued at $178,485,000 after acquiring an additional 1,502,666 shares during the last quarter. BlackRock Inc. lifted its position in shares of CVB Financial by 7.7% during the 1st quarter. BlackRock Inc. now owns 20,822,280 shares of the financial services provider’s stock valued at $483,284,000 after acquiring an additional 1,487,960 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of CVB Financial by 29.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,119,949 shares of the financial services provider’s stock valued at $88,208,000 after acquiring an additional 942,421 shares during the last quarter. Finally, Eaton Vance Management lifted its holdings in shares of CVB Financial by 131.2% in the first quarter. Eaton Vance Management now owns 1,560,789 shares of the financial services provider’s stock valued at $36,226,000 after purchasing an additional 885,786 shares in the last quarter. Institutional investors and hedge funds own 68.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CVBF shares. StockNews.com raised CVB Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 21st. Wedbush upped their target price on CVB Financial to $26.00 in a research report on Monday, July 25th.

CVB Financial Price Performance

CVBF opened at $25.96 on Friday. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 17.90 and a beta of 0.37. CVB Financial has a 1-year low of $18.72 and a 1-year high of $26.94. The business has a 50 day moving average price of $25.00 and a two-hundred day moving average price of $23.91.

CVB Financial (NASDAQ:CVBFGet Rating) last released its earnings results on Wednesday, July 20th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. CVB Financial had a return on equity of 9.85% and a net margin of 40.88%. The firm had revenue of $136.61 million during the quarter, compared to the consensus estimate of $131.40 million. During the same period in the prior year, the firm posted $0.38 earnings per share. Equities analysts expect that CVB Financial will post 1.65 EPS for the current fiscal year.

CVB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend was Wednesday, June 29th. This is an increase from CVB Financial’s previous quarterly dividend of $0.18. CVB Financial’s dividend payout ratio is 52.41%.

About CVB Financial

(Get Rating)

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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