CVB Financial Raises Dividend 18%

Bank had previously paid a dividend of $0.085 per share since 2007.

By Rich Duprey – Jun 20, 2013 at 12:22PM EST

Citizens Business Bank holding company CVB Financial (CVBF +0.80%) announced yesterday its second-quarter dividend of $0.10 per share, an 18% increase over the payout it made last quarter of $0.085 per share. This is the first increase in the dividend since 2007.

The board of directors said the quarterly dividend is payable on July 18 to the holders of record at the close of business on July 3. The bank has made 95 consecutive quarterly payouts to investors. CVB Financial President and CEO Christopher D. Myers said: "The decision to increase the dividend was based on our strong capital position and the stability of our earnings."

The regular dividend payment equates to a $0.40-per-share annual dividend, yielding 3.5% based on the closing price of CVB Financial's stock on June 19.

CVBF Dividend data by YCharts. Doesn't include most recent dividend.

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Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time. Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. His coverage reflects his passion for motorcycles, booze, and guns (though not enjoyed all at the same time...usually), but his writing also covers the broader sectors of consumer goods, technology, and industrials. So follow along as he tries to break down complex topics to make them more understandable and useful to the average investor. Have a story idea? Contact Rich here. I may not be able to respond to every suggestion, but I do read them all! Does an article needs a correction? Reach Rich here.

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CVB Financial Raises Dividend 18%

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