CVB Financial (NASDAQ:CVBF) Issues Earnings Results

CVB Financial (NASDAQ:CVBF) released its quarterly earnings results on Wednesday. The financial services provider reported $0.35 EPS for the quarter, hitting analysts’ consensus estimates of $0.35, Briefing.com reports. CVB Financial had a return on equity of 10.84% and a net margin of 30.93%. The company had revenue of $126.57 million for the quarter, compared to analysts’ expectations of $127.46 million. During the same period in the prior year, the firm earned $0.42 earnings per share. The firm’s revenue was down 8.9% compared to the same quarter last year.

CVB Financial Price Performance

Shares of CVBF stock traded down $0.03 during midday trading on Friday, reaching $16.48. 651,521 shares of the company traded hands, compared to its average volume of 712,491. The firm’s 50 day simple moving average is $16.98 and its two-hundred day simple moving average is $17.70. CVB Financial has a 1-year low of $10.66 and a 1-year high of $21.77. The firm has a market cap of $2.30 billion, a PE ratio of 10.84 and a beta of 0.46.

CVB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.85%. CVB Financial’s payout ratio is 52.63%.

Analysts Set New Price Targets

CVBF has been the topic of several analyst reports. Keefe, Bruyette & Woods reduced their price objective on CVB Financial from $20.00 to $19.00 and set a “market perform” rating on the stock in a research note on Friday. StockNews.com raised CVB Financial to a “sell” rating in a report on Friday, January 5th. Stephens reaffirmed an “equal weight” rating and set a $20.00 price objective on shares of CVB Financial in a report on Thursday. Hovde Group lowered 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, April 22nd. Finally, Wedbush reissued a “neutral” rating and set a $19.00 price target on shares of CVB Financial in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $19.00.

Insider Activity

In related news, Director George A. Borba, Jr. acquired 59,601 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was purchased at an average cost of $16.78 per share, for a total transaction of $1,000,104.78. Following the transaction, the director now directly owns 626,311 shares of the company’s stock, valued at approximately $10,509,498.58. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director George A. Borba, Jr. bought 59,601 shares of the stock in a transaction on Tuesday, February 6th. The stock was purchased at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the purchase, the director now owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO E Allen Nicholson bought 2,000 shares of the stock in a transaction on Thursday, February 1st. The stock was purchased at an average cost of $16.77 per share, with a total value of $33,540.00. Following the completion of the purchase, the chief financial officer now directly owns 92,310 shares in the company, valued at approximately $1,548,038.70. The disclosure for this purchase can be found here. In the last three months, insiders purchased 63,601 shares of company stock worth $1,067,145. Company insiders own 6.00% of the company’s stock.

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.