ONTARIO – CVB Financial Corp. (NASDAQ:CVBF), the parent company of Citizens Business Bank, declared a quarterly cash dividend of $0.20 per share for the third quarter of 2024, maintaining its streak of consecutive payouts. This announcement was made following the approval at the Board of Directors meeting held today.
The dividend is scheduled to be distributed on or about October 14, 2024, to shareholders who are on record as of September 30, 2024. David A. Brager, the President and Chief Executive Officer of CVB Financial, expressed satisfaction in continuing the company's history of consistent shareholder returns, marking this as the 140th successive quarterly cash dividend.
CVB Financial Corp. stands among the top 10 largest bank holding companies based in California, with assets exceeding $15 billion. Citizens Business Bank, a subsidiary, is noted for its performance and offers a broad range of banking, lending, and investing services across more than 60 banking centers and three trust office locations in California.
The forward-looking statements included in the press release indicate the company's expectations for future financial performance and growth projections, subject to various risks and uncertainties that could impact actual results. These statements are based on current business plans and estimates and are not guarantees of future performance.
This dividend declaration is a key piece of financial information for investors and stakeholders of CVB Financial Corp., reflecting the company's commitment to returning value to its shareholders. The information provided is based on a press release statement from CVB Financial Corp. and does not constitute an endorsement of the company's performance or future prospects.
In other recent news, CVB Financial Corporation reported steady earnings for the second quarter, with net earnings of $50 million, or $0.36 per share. The company also declared a $0.20 per share dividend, continuing its 139th quarter streak of dividend payments. Despite a slight decrease in total loans and a declining net interest margin, CVB remains optimistic about its growth potential, particularly in the C&I loans pipeline.
In addition, financial services firm Stephens recently raised the price target for CVB Financial shares to $21 from $19, while maintaining an Equal Weight rating on the stock. This adjustment followed CVB Financial's second-quarter results, which exceeded both Stephens' estimate and the consensus estimate.
Stephens also highlighted the potential for margin improvement in the second half of 2024 and into 2025, driven by strategic securities repositioning. The firm expects CVB Financial to maintain a stable net interest margin and speculates that the company might increase interest in share buybacks in the latter half of 2024. Furthermore, CVB Financial is cautiously optimistic about potential merger and acquisition opportunities that could emerge in the second half of the year.
InvestingPro Insights
CVB Financial Corp. (NASDAQ:CVBF), renowned for its consistent shareholder returns, has recently declared its 140th consecutive quarterly cash dividend, underscoring its financial stability and commitment to shareholders. As investors consider the implications of this announcement, InvestingPro data and tips provide a deeper insight into the company's financial health and future prospects.
InvestingPro data reveals that CVB Financial Corp. has a market capitalization of $2.49 billion, with a P/E ratio of 12.12, reflecting its current valuation in the market. The company's revenue over the last twelve months as of Q2 2024 stands at $527.11 million, though it has experienced a decline in revenue growth of -5.16%. Despite this, the company's operating income margin remains strong at 56.11%, indicating efficient management and profitability.
Furthermore, InvestingPro Tips highlight that CVB Financial Corp. has maintained dividend payments for 36 consecutive years, a testament to its long-term financial health and reliability. While analysts have revised their earnings downwards for the upcoming period, they still predict the company will be profitable this year, which is corroborated by the company's profitability over the last twelve months.
Investors looking for additional insights will find a wealth of information on InvestingPro, where there are more InvestingPro Tips available for CVB Financial Corp. These tips can guide investment decisions by providing a comprehensive analysis of the company's financial performance and market position.
For those interested in exploring further, the full list of tips for CVB Financial Corp. can be found at InvestingPro, including detailed analysis on factors affecting the company's profitability and market expectations.
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