CVB Financial Corp. (NASDAQ:CVBF) Plans Quarterly Dividend of $0.19

CVB Financial Corp. (NASDAQ:CVBFGet Rating) declared a quarterly dividend on Wednesday, June 15th, Zacks reports. Stockholders of record on Thursday, June 30th will be given a dividend of 0.19 per share by the financial services provider on Friday, July 15th. This represents a $0.76 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Wednesday, June 29th. This is a boost from CVB Financial’s previous quarterly dividend of $0.18.

CVB Financial has raised its dividend by an average of 8.7% annually over the last three years. CVB Financial has a payout ratio of 39.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect CVB Financial to earn $1.79 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 40.2%.

NASDAQ CVBF opened at $24.00 on Friday. The firm has a market capitalization of $3.39 billion, a P/E ratio of 17.02 and a beta of 0.37. CVB Financial has a 1-year low of $18.72 and a 1-year high of $25.22. The business’s 50-day simple moving average is $23.85 and its 200-day simple moving average is $23.01.

CVB Financial (NASDAQ:CVBFGet Rating) last released its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $0.31 EPS for the quarter, topping the consensus estimate of $0.30 by $0.01. The firm had revenue of $124.10 million for the quarter, compared to analyst estimates of $120.00 million. CVB Financial had a return on equity of 9.39% and a net margin of 40.95%. CVB Financial’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 EPS. On average, equities analysts expect that CVB Financial will post 1.53 earnings per share for the current fiscal year.

In other CVB Financial news, Director Anna Kan sold 7,000 shares of the company’s 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 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 SEC, which is accessible through the SEC website. Also, Director Kristina M. Leslie sold 6,400 shares of the company’s stock in a transaction that occurred on Wednesday, April 27th. The shares were sold at an average price of $23.58, for a total value of $150,912.00. Following the completion of the transaction, the director now directly owns 21,889 shares in the company, valued at $516,142.62. The disclosure for this sale can be found here. Corporate insiders own 5.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of CVB Financial by 7.7% in 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. Vanguard Group Inc. increased its holdings in shares of CVB Financial by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 15,296,047 shares of the financial services provider’s stock valued at $355,021,000 after acquiring an additional 750,265 shares during the last quarter. State Street Corp grew its stake in 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 worth $178,485,000 after buying an additional 1,502,666 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in 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 worth $88,208,000 after buying an additional 942,421 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in CVB Financial by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,216,929 shares of the financial services provider’s stock worth $74,666,000 after buying an additional 72,475 shares during the last quarter. Institutional investors and hedge funds own 68.99% of the company’s stock.

Separately, StockNews.com lowered CVB Financial from a “hold” rating to a “sell” rating in a research report on Monday, May 23rd.

CVB Financial Company Profile (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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Dividend History for CVB Financial (NASDAQ:CVBF)

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