ONTARIO - CVB Financial Corp. (NASDAQ: CVBF), the holding company for Citizens Business Bank, declared a second quarter cash dividend of twenty cents ($0.20) per share on Wednesday. The dividend, set by the board during their regular meeting, is scheduled for payment on July 25, 2024, to shareholders of record as of July 11, 2024.
This marks the 139th consecutive quarterly cash dividend CVB Financial has distributed to its shareholders. "We are pleased to announce our 139th consecutive quarterly cash dividend paid to our shareholders," stated David A. Brager, President and Chief Executive Officer of CVB Financial.
CVB Financial Corp., with approximately $16 billion in total assets, ranks among the 10 largest bank holding companies based in California. Its subsidiary, Citizens Business Bank, operates over 60 banking centers and three trust office locations throughout the state, providing a broad range of financial services.
The company's shares are traded on the NASDAQ under the ticker symbol CVBF. Investors can find more information on CVB Financial Corp. by visiting the Citizens Business Bank website and navigating to the Investors' section.
The press release also contained forward-looking statements regarding the company's expectations for future financial performance and business growth. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from projections. CVB Financial Corp. emphasizes that it does not commit to updating forward-looking statements beyond what is required by law.
This announcement is based on a press release statement issued by CVB Financial Corp.
In other recent news, CVB Financial has been the subject of analyst adjustments. DA Davidson has maintained a Neutral rating on CVB Financial but reduced its price target to $18, citing the bank's robust deposit capabilities and stable net interest margin (NIM) and net interest income (NII) expectations for the upcoming second quarter. DA Davidson also noted CVB Financial's strong asset quality metrics, including low net charge-offs and minimal nonperforming assets.
Similarly, Keefe, Bruyette & Woods held a Market Perform rating for CVB Financial, albeit with a reduced stock target of $19. This adjustment followed a quarter marked by a 6% decrease in NII and a contraction in NIM. However, Keefe, Bruyette & Woods also mentioned improvements in core deposit growth and loan pipelines, which could positively influence the NII outlook.
Both firms adjusted their earnings estimates for CVB Financial, mainly due to changes in NII and margin. These are recent developments that reflect the financial trajectory anticipated by analysts for CVB Financial.
InvestingPro Insights
CVB Financial Corp. (NASDAQ: CVBF), known for its consistent dividend payments, has recently declared its 139th consecutive quarterly cash dividend, reflecting its long-standing commitment to shareholder returns. With a dividend yield of 4.91% as of April 2024, the bank holding company stands out in the financial sector for its robust dividend policy. This yield is particularly notable given the current interest rate environment and market volatility.
Investors considering CVB Financial Corp. as a potential addition to their portfolio should note the company's solid financial metrics. As of the last twelve months leading up to Q1 2024, CVB Financial Corp. reported a market capitalization of $2.31 billion and a price-to-earnings (P/E) ratio of 11.08.
Still, the company's revenue has seen a slight decline, with a -4.32% change over the same period. This could be indicative of the challenges faced in the banking industry or specific operational headwinds for CVB Financial Corp.
For those looking for more in-depth analysis, there are additional InvestingPro Tips available, which highlight some concerns such as weak gross profit margins and an expected drop in net income for the year. On a positive note, analysts predict the company will remain profitable this year, and it has been profitable over the last twelve months. There are 4 more InvestingPro Tips to explore on InvestingPro, which could provide investors with a more comprehensive understanding of CVB Financial's prospects.
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With the next earnings date scheduled for July 24, 2024, investors will be keenly awaiting the company's financial results to assess how they align with the current market estimates and the company's forward-looking statements. The fair value of CVB Financial Corp. shares, as assessed by analysts, stands at $19, offering a potential upside from the previous close price of $16.28.
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