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

CVB Financial Corp. (NASDAQ:CVBF) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Stockholders 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 dividend yield of 3.74%. 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% indicating that its dividend is sufficiently covered by earnings. Equities 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 6.3 %

CVBF stock opened at $21.37 on Thursday. The firm’s 50-day moving average is $21.56 and its two-hundred day moving average is $18.95. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 14.94 and a beta of 0.49. CVB Financial has a 52 week low of $15.71 and a 52 week high of $24.58.

CVB Financial (NASDAQ:CVBF) last released its quarterly 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. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The company had revenue of $126.45 million during the quarter, compared to analysts’ expectations of $126.75 million. During the same period in the prior year, the company earned $0.42 earnings per share. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. On average, equities research analysts predict that CVB Financial will post 1.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.