CVB Financial Corp. (NASDAQ:CVBF) Raises Dividend to $0.20 Per Share

CVB Financial Corp. (NASDAQ:CVBFGet Rating) declared a quarterly dividend on Wednesday, September 21st, Zacks reports. Shareholders of record on Wednesday, October 5th will be given a dividend of 0.20 per share by the financial services provider on Thursday, October 20th. This represents a $0.80 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Tuesday, October 4th. This is a positive change from CVB Financial’s previous quarterly dividend of $0.19.

CVB Financial has raised its dividend payment by an average of 8.7% annually over the last three years and has increased its dividend every year for the last 1 years. CVB Financial has a dividend payout ratio of 39.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect CVB Financial to earn $1.88 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 40.4%.

CVB Financial Price Performance

CVBF stock opened at $26.61 on Friday. CVB Financial has a one year low of $19.00 and a one year high of $28.14. The stock has a market cap of $3.72 billion, a PE ratio of 18.35 and a beta of 0.37. The firm has a 50 day simple moving average of $26.33 and a two-hundred day simple moving average of $24.74.

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CVBF. upgraded shares of CVB Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 21st. Wedbush boosted their price objective on shares of CVB Financial to $26.00 in a report on Monday, July 25th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its position in CVB Financial by 20.6% during the 1st quarter. Citigroup Inc. now owns 121,451 shares of the financial services provider’s stock valued at $2,818,000 after purchasing an additional 20,745 shares during the last quarter. Natixis Advisors L.P. bought a new stake in CVB Financial during the 1st quarter worth approximately $422,000. Bank of Montreal Can raised its stake in CVB Financial by 5.6% during the 1st quarter. Bank of Montreal Can now owns 40,228 shares of the financial services provider’s stock worth $942,000 after acquiring an additional 2,135 shares during the period. MetLife Investment Management LLC raised its stake in CVB Financial by 63.5% during the 1st quarter. MetLife Investment Management LLC now owns 72,516 shares of the financial services provider’s stock worth $1,683,000 after acquiring an additional 28,159 shares during the period. Finally, Rhumbline Advisers raised its stake in CVB Financial by 3.2% during the 1st quarter. Rhumbline Advisers now owns 417,911 shares of the financial services provider’s stock worth $9,700,000 after acquiring an additional 12,818 shares during the period. 72.60% of the stock is currently owned by institutional investors.

About CVB Financial

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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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Dividend History for CVB Financial (NASDAQ:CVBF)

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