CVB Financial (NASDAQ:CVBF) Announces Quarterly Earnings Results, Meets Expectations

CVB Financial (NASDAQ:CVBF) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35, Briefing.com reports. The business had revenue of $126.57 million for the quarter, compared to analyst estimates of $127.46 million. CVB Financial had a return on equity of 11.50% and a net margin of 33.26%. CVB Financial’s quarterly revenue was down 8.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 EPS.

CVB Financial Price Performance

NASDAQ:CVBF traded down $0.56 during trading hours on Thursday, reaching $16.53. 322,230 shares of the company were exchanged, compared to its average volume of 892,760. The company has a market capitalization of $2.31 billion, a P/E ratio of 10.75 and a beta of 0.46. CVB Financial has a 1-year low of $10.66 and a 1-year high of $21.77. The business has a 50 day moving average of $17.02 and a 200 day moving average of $17.70.

CVB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Wednesday, April 3rd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date was Tuesday, April 2nd. CVB Financial’s dividend payout ratio is currently 50.31%.

Insider Buying and Selling

In other CVB Financial news, CEO David A. Brager bought 2,000 shares of CVB Financial stock in a transaction on Tuesday, February 6th. The shares were purchased at an average price of $16.75 per share, with a total value of $33,500.00. Following the acquisition, the chief executive officer now owns 152,814 shares in the company, valued at approximately $2,559,634.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO David A. Brager acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were bought at an average price of $16.75 per share, with a total value of $33,500.00. Following the acquisition, the chief executive officer now directly owns 152,814 shares in the company, valued at approximately $2,559,634.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director George A. Borba, Jr. acquired 59,601 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were purchased at an average cost of $16.78 per share, for a total transaction of $1,000,104.78. Following the acquisition, the director now owns 626,311 shares in the company, valued at $10,509,498.58. The disclosure for this purchase can be found here. Insiders have purchased 63,601 shares of company stock valued at $1,067,145 over the last 90 days. 6.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on CVBF shares. Keefe, Bruyette & Woods cut their price objective on CVB Financial from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Friday, January 26th. StockNews.com upgraded CVB Financial to a “sell” rating in a research report on Friday, January 5th. Hovde Group downgraded CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price objective for the company. in a research report on Monday. Finally, Wedbush restated a “neutral” rating and set a $19.00 target price on shares of CVB Financial in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $19.50.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.