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

CVB Financial Corp. (NASDAQ:CVBF) declared a quarterly dividend on Monday, December 16th,Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.20 per share by the financial services provider on Wednesday, January 15th. This represents a $0.80 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Tuesday, December 31st.

CVB Financial has decreased its dividend by an average of 12.6% annually over the last three years. CVB Financial has a dividend payout ratio of 56.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect CVB Financial to earn $1.39 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 57.6%.

CVB Financial Trading Down 1.1 %

Shares of CVBF opened at $21.95 on Friday. CVB Financial has a 12-month low of $15.71 and a 12-month high of $24.58. The company has a market cap of $3.07 billion, a PE ratio of 15.35 and a beta of 0.49. The stock has a 50-day moving average price of $21.94 and a 200-day moving average price of $19.22.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $126.45 million during the quarter, compared to analyst estimates of $126.75 million. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. CVB Financial’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 earnings per share. As a group, analysts predict that CVB Financial will post 1.43 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CVBF shares. Piper Sandler cut their target price on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Wedbush reiterated a “neutral” rating and issued a $20.00 price objective on shares of CVB Financial in a report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods raised their price objective on CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $21.80.

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.