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

CVB Financial (NASDAQ:CVBF) announced its quarterly 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 30.93% and a return on equity of 10.84%. The firm had revenue of $126.57 million for the quarter, compared to the consensus estimate of $127.46 million. During the same period in the prior year, the firm posted $0.42 earnings per share. The company’s revenue for the quarter was down 8.9% on a year-over-year basis.

CVB Financial Stock Performance

Shares of CVBF traded down $0.03 during trading hours on Friday, hitting $16.48. The company had a trading volume of 651,521 shares, compared to its average volume of 712,491. The firm has a fifty day moving average price of $16.98 and a 200-day moving average price of $17.70. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 10.84 and a beta of 0.46. CVB Financial has a 52-week low of $10.66 and a 52-week high of $21.77.

CVB Financial Announces Dividend

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

Analyst Ratings Changes

A number of brokerages recently weighed in on CVBF. StockNews.com raised shares of CVB Financial to a “sell” rating in a research note on Friday, January 5th. Wedbush restated a “neutral” rating and issued a $19.00 target price on shares of CVB Financial in a report on Thursday. Stephens restated an “equal weight” rating and issued a $20.00 target price on shares of CVB Financial in a report on Thursday. Keefe, Bruyette & Woods cut their price target on shares of CVB Financial from $20.00 to $19.00 and set a “market perform” rating on the stock in a report on Friday. Finally, Hovde Group cut 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, April 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $19.00.

Insider Transactions at CVB Financial

In related news, Director George A. Borba, Jr. purchased 59,601 shares of the stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the transaction, the director now directly owns 626,311 shares in the company, valued at $10,509,498.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director George A. Borba, Jr. purchased 59,601 shares of the stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the transaction, the director now directly owns 626,311 shares in the company, valued at $10,509,498.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David A. Brager purchased 2,000 shares of the stock in a transaction dated Tuesday, February 6th. The stock was bought at an average cost of $16.75 per share, with a total value of $33,500.00. Following the transaction, the chief executive officer now owns 152,814 shares in the company, valued at $2,559,634.50. The disclosure for this purchase can be found here. Insiders purchased a total of 63,601 shares of company stock valued at $1,067,145 in the last quarter. 6.00% of the stock is owned by 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.