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

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

CVB Financial Stock Performance

Shares of CVB Financial stock traded down $0.48 during trading on Thursday, reaching $16.61. The company had a trading volume of 259,085 shares, compared to its average volume of 891,128. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 10.75 and a beta of 0.46. CVB Financial has a fifty-two week low of $10.66 and a fifty-two week high of $21.77. The firm’s fifty day moving average is $17.02 and its 200-day moving average is $17.70.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Wednesday, April 3rd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.82%. The ex-dividend date was Tuesday, April 2nd. CVB Financial’s dividend payout ratio (DPR) is 50.31%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVBF. 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 report on Monday. Keefe, Bruyette & Woods decreased their price target on shares of CVB Financial from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Friday, January 26th. StockNews.com upgraded shares of CVB Financial to a “sell” rating in a report on Friday, January 5th. Finally, Wedbush reiterated a “neutral” rating and issued a $19.00 price target on shares of CVB Financial in a report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $19.50.

Insider Buying and Selling

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

About CVB Financial

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.