ONTARIO – CVB Financial Corp . (NASDAQ:), the parent company of Citizens Business Bank, announced the authorization of a new stock repurchase program. The company’s Board of Directors, during its regular meeting on November 20, 2024, approved the buy-back of up to 10 million shares of its common stock. This initiative, referred to as the 2024 Repurchase Program, may include purchases made through Rule 10b5-1 plans, open market purchases, and private transactions.
David A. Brager, President and Chief Executive Officer of CVB Financial, highlighted the company’s solid capital foundation and its history of generating quality earnings as the basis for the decision. He emphasized the program’s aim to continue providing long-term value to the shareholders. The new repurchase program supersedes the previous 2022 program, which had about 4.3 million shares still available for repurchase.
CVB Financial Corp. stands as one of the top 10 largest bank holding companies based in California, with assets exceeding $15 billion. Citizens Business Bank, under CVBF, operates more than 60 banking centers and three trust office locations across California, offering a comprehensive suite of banking, lending, and investing services. CVBF’s common stock trades on the NASDAQ stock exchange.
This move comes as part of the company’s broader strategy to manage its capital efficiently and deliver shareholder value. The repurchase program is seen as a positive signal to the market, reflecting the company’s confidence in its financial health and future prospects.
The announcement is based on a press release statement from CVB Financial Corp. and provides investors with the latest information regarding the company’s capital management initiatives.
In other recent news, CVB Financial Corp. reported second-quarter earnings with net earnings of $50 million, or $0.36 per share. The company also announced a quarterly cash dividend of $0.20 per share, maintaining its consistent shareholder returns. Regarding mergers and acquisitions, CVB Financial expressed cautious optimism about potential opportunities in the future.
Financial services firm Piper Sandler raised the price target for CVB Financial from $21 to $23, reaffirming its Overweight rating on the stock. This adjustment was based on the firm’s financial projections for the company, including an estimated earnings per share (EPS) for the year 2024 at $1.41, and a slightly reduced estimate for 2025 at $1.28.
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