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

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on CVBF shares. Wedbush decreased their target price on shares of CVB Financial from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Stephens boosted their target price on shares of CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $20.00 target price (up from $19.00) on shares of CVB Financial in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.75.

Insider Transactions at CVB Financial

In other news, Director Kimberly H. Sheehy sold 2,961 shares of CVB Financial stock in a transaction on 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 directly owns 13,156 shares in the company, valued at $225,493.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. nVerses Capital LLC increased its stake in shares of CVB Financial by 466.7% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,400 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of CVB Financial by 832.8% during the second quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,574 shares in the last quarter. Innealta Capital LLC purchased a new stake in CVB Financial during the 2nd quarter valued at about $38,000. Assetmark Inc. grew its stake in CVB Financial by 141.5% during the 4th quarter. Assetmark Inc. now owns 8,598 shares of the financial services provider’s stock valued at $174,000 after acquiring an additional 5,038 shares in the last quarter. Finally, WBI Investments LLC purchased a new stake in CVB Financial during the 2nd quarter valued at about $177,000. Institutional investors and hedge funds own 74.18% of the company’s stock.

CVB Financial Trading Up 0.5 %

Shares of CVB Financial stock traded up $0.08 during trading hours on Friday, reaching $17.73. The stock had a trading volume of 738,163 shares, compared to its average volume of 841,898. The stock’s 50 day moving average is $17.85 and its 200 day moving average is $17.23. The firm has a market capitalization of $2.48 billion, a PE ratio of 11.66 and a beta of 0.45. CVB Financial has a twelve month low of $14.62 and a twelve month high of $21.77.

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

CVB Financial Announces Dividend

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

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.