CVB Financial Corp. Announces Authorization of 10 Million Share Repurchase Plan, including $70 Million Accelerated Share Repurchase
CVB Financial Corp. (NASDAQ:CVBF) has announced a new share repurchase program, authorizing the buyback of up to 10 million shares.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
CVB Financial Corp. (NASDAQ:CVBF) has announced a new share repurchase program, authorizing the buyback of up to 10 million shares. This includes an initial accelerated repurchase of $70 million. The initiative underscores the company's strong capital position and commitment to shareholder value. This program replaces the prior 2016 buyback plan, from which 4,194,809 shares remained. CVBF operates as the holding company for Citizens Business Bank, which boasts over $16 billion in assets and is recognized for quality earnings.
Positive
- Authorization of a 10 million share buyback, enhancing shareholder value.
- Initial $70 million accelerated share repurchase demonstrates robust capital position.
- The new program replaces the previous buyback plan, streamlining capital return strategy.
Negative
- None.
Details
News Market Reaction – CVBF
The recorded move for CVBF in the trading session of this news was +1.36%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ONTARIO, Calif., Feb. 01, 2022 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) announced that 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 “2022 Repurchase Program”), including by means of (i) an initial accelerated share repurchase agreement involving
“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 2022 Repurchase Program replaces in its entirety the Company’s previous 2016 share repurchase program under which 4,194,809 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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