CVB Financial (NASDAQ:CVBF) Announces Earnings Results

CVB Financial (NASDAQ:CVBF) issued its earnings results on Wednesday. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02, Briefing.com reports. CVB Financial had a net margin of 29.58% and a return on equity of 10.41%. The firm had revenue of $125.27 million for the quarter, compared to analysts’ expectations of $126.86 million. During the same quarter last year, the company posted $0.40 earnings per share. CVB Financial’s revenue was down 5.2% on a year-over-year basis.

CVB Financial Price Performance

NASDAQ CVBF opened at $20.04 on Friday. CVB Financial has a 12 month low of $14.62 and a 12 month high of $21.77. The firm has a market capitalization of $2.80 billion, a PE ratio of 13.18 and a beta of 0.47. The company’s 50 day simple moving average is $17.18 and its 200 day simple moving average is $17.26.

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, July 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.99%. CVB Financial’s dividend payout ratio is presently 52.63%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wedbush raised their target price on shares of CVB Financial from $18.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday. Stephens raised their target price on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $20.00 target price (up previously from $19.00) on shares of CVB Financial in a report on Friday. Hovde Group lowered shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price target on the stock. in a research note on Monday, April 22nd. Finally, Janney Montgomery Scott lowered shares of CVB Financial from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.00.

Insider Activity at CVB Financial

In related news, Director George A. Borba, Jr. acquired 4,610 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were acquired at an average price of $16.00 per share, for a total transaction of $73,760.00. Following the completion of the purchase, the director now directly owns 665,121 shares of the company’s stock, valued at $10,641,936. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other CVB Financial news, Director George A. Borba, Jr. bought 34,200 shares of CVB Financial stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $15.99 per share, for a total transaction of $546,858.00. Following the completion of the acquisition, the director now owns 660,511 shares of the company’s stock, valued at approximately $10,561,570.89. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director George A. Borba, Jr. bought 4,610 shares of CVB Financial stock in a transaction that occurred on Monday, June 17th. The shares were acquired at an average price of $16.00 per share, with a total value of $73,760.00. Following the completion of the acquisition, the director now directly owns 665,121 shares of the company’s stock, valued at approximately $10,641,936. The disclosure for this purchase can be found here. Insiders have purchased 39,910 shares of company stock worth $638,669 over the last quarter. 6.00% of the stock is currently owned by company insiders.

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.