CVB Financial Corp. Announces Authorization of 10 Million Share Repurchase Plan
CVB Financial Corp. (NASDAQ:CVBF) announced that its Board of Directors has authorized a new share repurchase program for up to 10 million shares of the company's common stock.
Sentiment and the balance of points
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Rhea-AI Summary
CVB Financial Corp. (NASDAQ:CVBF) announced that its Board of Directors has authorized a new share repurchase program for up to 10 million shares of the company's common stock. The 2024 Repurchase Program, which includes provisions for open market purchases and private transactions, replaces the previous 2022 program that had 4,300,059 shares remaining. The company, which holds over $15 billion in total assets, is among the 10 largest bank holding companies headquartered in California and operates Citizens Business Bank with more than 60 banking centers and 3 trust office locations across California.
Positive
- Authorization of large 10 million share repurchase program
- Strong capital position indicated by size of buyback
- $15 billion in total assets demonstrates significant market presence
- Position as one of top 10 largest bank holding companies in California
Negative
- Cancellation of previous buyback program with 4.3 million shares still available
Details
News Market Reaction – CVBF
The recorded move for CVBF in the trading session of this news was +2.75%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Ontario, CA, Nov. 21, 2024 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) announced that, at its regular meeting on November 20, 2024, the Board of Directors of CVB Financial Corp. (the “Company”), the holding company for Citizens Business Bank, authorized the Company to repurchase up to 10,000,000 shares of the Company’s common stock (the “2024 Repurchase Program”), including by means of one or more Rule 10b5-1 plans or other appropriate buy-back arrangements, including open market purchases and private transactions.
“The approval of this share repurchase program reflects our robust capital position, consistent track record of producing quality earnings, and history of delivering long term value to our shareholders,” said David A. Brager, President and Chief Executive Officer.
This 2024 Repurchase Program replaces in its entirety the Company’s previous 2022 share repurchase program under which 4,300,059 shares remained available for repurchase.
Corporate Overview
CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with over
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.
Contact: David A. Brager
President and Chief Executive Officer
(909) 980-4030
FAQ
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