Short Interest in CVB Financial Corp. (NASDAQ:CVBF) Declines By 22.8%

CVB Financial Corp. (NASDAQ:CVBF) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 3,290,000 shares, a decrease of 22.8% from the September 30th total of 4,260,000 shares. Based on an average trading volume of 852,800 shares, the days-to-cover ratio is currently 3.9 days. Approximately 2.5% of the shares of the stock are short sold.

CVB Financial Trading Down 1.8 %

Shares of NASDAQ CVBF opened at $19.23 on Monday. The firm has a market cap of $2.69 billion, a PE ratio of 12.65 and a beta of 0.45. The company has a fifty day moving average price of $18.12 and a 200 day moving average price of $17.45. CVB Financial has a 1-year low of $15.38 and a 1-year high of $21.77.

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 analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $126.45 million for the quarter, compared to analyst estimates of $126.75 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. CVB Financial’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 EPS. Equities research analysts forecast that CVB Financial will post 1.4 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were issued a $0.20 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.16%. CVB Financial’s dividend payout ratio (DPR) is presently 52.63%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CVBF. Wedbush reaffirmed a “neutral” rating and issued a $20.00 target price on shares of CVB Financial in a research note on Thursday. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Stephens lifted their price target on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.25.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in CVB Financial by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider’s stock worth $317,014,000 after acquiring an additional 176,694 shares in the last quarter. Diversified Trust Co lifted its stake in CVB Financial by 6.5% in the 1st quarter. Diversified Trust Co now owns 39,480 shares of the financial services provider’s stock valued at $704,000 after purchasing an additional 2,394 shares during the last quarter. SpiderRock Advisors LLC bought a new position in CVB Financial during the first quarter worth about $353,000. Mirae Asset Global Investments Co. Ltd. increased its position in CVB Financial by 43.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 111,879 shares of the financial services provider’s stock worth $1,944,000 after buying an additional 34,088 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in CVB Financial by 48.1% in the first quarter. BNP Paribas Financial Markets now owns 67,644 shares of the financial services provider’s stock valued at $1,207,000 after buying an additional 21,969 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

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.