Central Valley Community Bancorp (NASDAQ:CVCY) announced a quarterly dividend on Thursday, April 18th, Wall Street Journal reports. Investors of record on Friday, May 3rd will be given a dividend of 0.11 per share by the financial services provider on Friday, May 17th. This represents a $0.44 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Thursday, May 2nd. This is a positive change from Central Valley Community Bancorp’s previous quarterly dividend of $0.10.
Central Valley Community Bancorp has raised its dividend by an average of 19.9% per year over the last three years. Central Valley Community Bancorp has a payout ratio of 29.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Central Valley Community Bancorp to earn $1.67 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 26.3%.
CVCY traded down $0.09 during midday trading on Friday, hitting $19.93. 127,207 shares of the company were exchanged, compared to its average volume of 15,599. The company has a market capitalization of $273.42 million, a PE ratio of 12.94, a PEG ratio of 1.59 and a beta of 0.27. The company has a current ratio of 0.73, a quick ratio of 0.74 and a debt-to-equity ratio of 0.02. Central Valley Community Bancorp has a 1-year low of $15.66 and a 1-year high of $22.34.
A hedge fund recently raised its stake in Central Valley Community Bancorp stock. Geode Capital Management LLC grew its stake in shares of Central Valley Community Bancorp (NASDAQ:CVCY) by 6.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 115,407 shares of the financial services provider’s stock after purchasing an additional 6,577 shares during the period. Geode Capital Management LLC owned about 0.84% of Central Valley Community Bancorp worth $2,177,000 as of its most recent filing with the SEC. 46.80% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on CVCY. ValuEngine raised Central Valley Community Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. BidaskClub raised Central Valley Community Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 25th. Raymond James assumed coverage on Central Valley Community Bancorp in a research report on Wednesday, April 10th. They issued an “outperform” rating and a $22.00 target price for the company. Finally, DA Davidson reaffirmed a “neutral” rating on shares of Central Valley Community Bancorp in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $23.00.
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About Central Valley Community Bancorp
Central Valley Community Bancorp operates as the bank holding company for the Central Valley Community Bank that provides various commercial banking services to small and middle-market businesses and individuals in the central valley area of California. The company accepts deposit products, such as savings, NOW, and money market accounts, as well as time certificates of deposit; and non-interest bearing demand deposits.
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