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

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. Currently, 2.5% of the shares of the stock are sold short. Based on an average daily volume of 852,800 shares, the short-interest ratio is currently 3.9 days.

Institutional Investors Weigh In On CVB Financial

A number of hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new position in CVB Financial during the third quarter worth about $27,000. nVerses Capital LLC grew its stake in shares of CVB Financial by 466.7% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,400 shares during the period. Versant Capital Management Inc increased its holdings in shares of CVB Financial by 832.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,574 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of CVB Financial during the 2nd quarter valued at approximately $38,000. Finally, GAMMA Investing LLC lifted its holdings in CVB Financial by 21.7% in the third quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $78,000 after acquiring an additional 780 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CVBF. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Wedbush restated a “neutral” rating and issued a $20.00 target price on shares of CVB Financial in a research report on Thursday, October 24th. Finally, Stephens boosted their price target on 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 research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $20.25.

CVB Financial Trading Up 0.3 %

CVBF stock opened at $19.64 on Wednesday. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 12.92 and a beta of 0.45. The firm has a 50-day moving average of $18.22 and a two-hundred day moving average of $17.50. CVB Financial has a 12 month low of $15.38 and a 12 month high of $21.77.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $126.45 million for the quarter, compared to the consensus estimate of $126.75 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The firm’s revenue was down 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share. As a group, equities analysts forecast that CVB Financial will post 1.4 earnings per share for the current year.

CVB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 4.07%. CVB Financial’s payout ratio is 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.