Stephen A. Del Guercio, a director at CVB Financial Corp (NASDAQ:CVBF), recently sold 8,289 shares of the company's common stock. The transaction, which took place on November 26, 2024, was executed at an average price of $23.8001 per share, amounting to a total value of $197,279.
Following this sale, Del Guercio retains ownership of 42,842 shares in the Ontario, California-based financial institution. This transaction was reported in a Form 4 filing with the Securities and Exchange Commission, as part of the regulatory requirements for insider trading disclosures.
In other recent news, CVB Financial Corp. reported a net earning of $50 million, or $0.36 per share, and maintained its dividend streak by announcing a quarterly cash dividend of $0.20 per share. The company also approved a new stock repurchase program, authorizing the buy-back of up to 10 million shares of its common stock. This new repurchase program supersedes the previous 2022 program, which had about 4.3 million shares still available for repurchase.
On the analyst front, Piper Sandler raised the price target for CVB Financial from $21 to $23 and maintained its Overweight rating. Keefe, Bruyette & Woods upgraded CVB Financial's stock rating from Market Perform to Outperform, citing anticipated stabilization of net interest income and deposits as key growth drivers. Concurrently, Stephens raised the price target for CVB Financial shares to $21, maintaining an Equal Weight rating.
In terms of personnel changes, CVB Financial announced the resignation of Francene LaPoint, the Senior Vice President and Chief Accounting Officer, effective November 22, 2024. The company has not yet announced a permanent replacement, but the search for a successor is expected to commence shortly.
These are recent developments for CVB Financial as it continues to navigate the financial landscape. The company expressed cautious optimism about potential merger and acquisition opportunities in the future. These updates are based on the company's recent announcements and analysts' reports.
InvestingPro Insights
CVB Financial Corp (NASDAQ:CVBF) has been experiencing a strong market performance, as evidenced by recent InvestingPro data. The company's stock has shown impressive returns, with a 23.92% price total return over the past month and a substantial 49.59% return over the last six months. This upward trend aligns with the recent insider sale by director Stephen A. Del Guercio, who may be capitalizing on the stock's strong performance.
Despite the recent insider sale, CVBF boasts several positive attributes that may interest investors. An InvestingPro Tip highlights that the company has maintained dividend payments for 36 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the current dividend yield of 3.36%, which could be attractive to income-focused investors.
Another InvestingPro Tip notes that CVBF is trading near its 52-week high, with the price at 97.64% of its 52-week peak. This suggests strong investor confidence in the company's prospects. However, it's worth noting that 3 analysts have revised their earnings downwards for the upcoming period, which investors should consider in their analysis.
For those seeking a more comprehensive understanding of CVB Financial Corp's financial health and market position, InvestingPro offers 7 additional tips not mentioned here. These insights could provide valuable context for evaluating the recent insider transaction and the company's overall investment potential.
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