CVB Financial Authorizes $315M Share Buyback, Replacing Prior Plan
CVBF sits 17% above its 52-week low of $17.945.
Summary
CVB Financial Corp. has authorized a new share repurchase program for up to 15 million shares, worth approximately $315 million at current prices. This significant buyback, representing over 8% of the company's market capitalization, replaces a prior program. The move signals management's confidence in its robust capital position and commitment to shareholder value, especially following the recent completion of its merger with Heritage Commerce Corp, which expanded its assets to over $20 billion.
At the time of this announcement, CVBF was trading at $21.01 on NASDAQ in the Finance sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $17.95 to $21.48. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.