CVB Financial (NASDAQ:CVBF) Issues Earnings Results

CVB Financial (NASDAQ:CVBF) posted its earnings results on Wednesday. The financial services provider reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01), Briefing.com reports. CVB Financial had a net margin of 29.02% and a return on equity of 10.08%. The company had revenue of $179.43 million during the quarter, compared to analyst estimates of $184.62 million. During the same period in the previous year, the company earned $0.36 EPS.

CVB Financial Price Performance

CVBF traded up $0.10 on Friday, hitting $22.46. 223,364 shares of the company were exchanged, compared to its average volume of 1,630,506. CVB Financial has a fifty-two week low of $17.94 and a fifty-two week high of $23.36. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market capitalization of $3.96 billion, a P/E ratio of 15.48 and a beta of 0.65. The business’s fifty day moving average is $21.43 and its 200 day moving average is $20.42.

CVB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial’s dividend payout ratio (DPR) is currently 52.63%.

Insider Activity at CVB Financial

In other news, Director George A. Borba, Jr. purchased 25,187 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average price of $19.85 per share, for a total transaction of $499,961.95. Following the acquisition, the director directly owned 846,308 shares in the company, valued at approximately $16,799,213.80. The trade was a 3.07% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.40% of the stock is owned by company insiders.

Institutional Trading of CVB Financial

A number of institutional investors have recently bought and sold shares of CVBF. Royal Bank of Canada raised its stake in shares of CVB Financial by 28.7% during the 1st quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock worth $698,000 after buying an additional 8,432 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of CVB Financial by 36.6% in the first quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock worth $895,000 after acquiring an additional 12,992 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of CVB Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider’s stock worth $1,456,000 after acquiring an additional 3,442 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of CVB Financial by 848.1% in the first quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 13,527 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in CVB Financial by 9.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider’s stock worth $8,458,000 after purchasing an additional 38,250 shares in the last quarter. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVBF. Stephens reiterated an “equal weight” rating and set a $23.00 price target on shares of CVB Financial in a research note on Tuesday, June 16th. Piper Sandler upped their target price on shares of CVB Financial from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Raymond James Financial upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 target price for the company in a research note on Wednesday, July 1st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of CVB Financial in a research report on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.30.

About CVB Financial

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.