CVB Financial (NASDAQ:CVBF) Announces Quarterly Earnings Results

CVB Financial (NASDAQ:CVBF) announced its earnings results on Wednesday. The financial services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. The business had revenue of $126.45 million during the quarter, compared to analysts’ expectations of $126.75 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business’s revenue was down 8.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.42 earnings per share.

CVB Financial Stock Down 1.8 %

NASDAQ:CVBF traded down $0.36 on Friday, hitting $19.23. The stock had a trading volume of 590,389 shares, compared to its average volume of 830,553. The company has a fifty day moving average price of $18.12 and a two-hundred day moving average price of $17.45. CVB Financial has a 1-year low of $15.38 and a 1-year high of $21.77. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 12.65 and a beta of 0.45.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date was Monday, September 30th. CVB Financial’s dividend payout ratio (DPR) is presently 52.63%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CVBF. Stephens raised their price objective on CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research note on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $20.25.

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.