CVB Financial Corp. (NASDAQ:CVBF) Short Interest Up 6.4% in October

CVB Financial Corp. (NASDAQ:CVBF) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 3,500,000 shares, a growth of 6.4% from the October 15th total of 3,290,000 shares. Currently, 2.7% of the company’s shares are short sold. Based on an average daily volume of 809,700 shares, the days-to-cover ratio is presently 4.3 days.

Wall Street Analysts Forecast Growth

CVBF has been the subject of several recent analyst reports. Wedbush reaffirmed a “neutral” rating and set a $20.00 target price on shares of CVB Financial in a research note on Thursday, October 24th. Keefe, Bruyette & Woods upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a report on Wednesday, October 2nd. Stephens upped their price target on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Finally, Piper Sandler reduced their price target on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.80.

Institutional Trading of CVB Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CVBF. SG Americas Securities LLC bought a new stake in shares of CVB Financial during the 1st quarter valued at $320,000. Russell Investments Group Ltd. raised its position in CVB Financial by 9,211.9% during the 1st quarter. Russell Investments Group Ltd. now owns 12,571 shares of the financial services provider’s stock valued at $224,000 after purchasing an additional 12,436 shares during the last quarter. ProShare Advisors LLC raised its position in shares of CVB Financial by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 26,820 shares of the financial services provider’s stock worth $478,000 after acquiring an additional 1,844 shares in the last quarter. Entropy Technologies LP bought a new position in shares of CVB Financial in the 1st quarter worth approximately $329,000. Finally, State Board of Administration of Florida Retirement System raised its position in shares of CVB Financial by 50.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 56,994 shares of the financial services provider’s stock worth $951,000 after acquiring an additional 18,990 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors.

CVB Financial Stock Down 0.6 %

CVB Financial stock traded down $0.13 during mid-day trading on Tuesday, reaching $22.39. 212,452 shares of the company’s stock were exchanged, compared to its average volume of 825,647. The firm has a market capitalization of $3.13 billion, a PE ratio of 15.75 and a beta of 0.44. The business’s fifty day simple moving average is $19.21 and its 200 day simple moving average is $17.99. CVB Financial has a one year low of $15.71 and a one year high of $23.43.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The firm 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 9.80% and a net margin of 28.29%. The business’s revenue was down 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. On average, sell-side analysts forecast that CVB Financial will post 1.43 earnings per share for the current year.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.57%. CVB Financial’s payout ratio is presently 55.94%.

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.