CVB Financial (NASDAQ:CVBF) Announces Earnings Results

CVB Financial (NASDAQ:CVBF) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01), Zacks reports. CVB Financial had a net margin of 29.54% and a return on equity of 9.91%. The business had revenue of $191.74 million for the quarter, compared to the consensus estimate of $192.80 million. During the same period in the prior year, the business earned $0.38 earnings per share.

CVB Financial Price Performance

NASDAQ:CVBF opened at $23.01 on Friday. The business’s 50-day moving average is $22.27 and its 200 day moving average is $21.65. CVB Financial has a 12 month low of $18.01 and a 12 month high of $23.41. The company has a market capitalization of $4.05 billion, a P/E ratio of 15.88 and a beta of 0.66. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.17.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, September 30th. CVB Financial’s payout ratio is currently 55.17%.

Insider Buying and Selling at CVB Financial

In other CVB Financial news, Director Brien Raymond V. O. III bought 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was purchased at an average cost of $22.77 per share, with a total value of $455,400.00. Following the completion of the acquisition, the director owned 85,780 shares in the company, valued at $1,953,210.60. This trade represents a 30.40% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mike Maddox purchased 10,000 shares of CVB Financial stock in a transaction that occurred on Monday, August 31st. The stock was acquired at an average price of $22.03 per share, for a total transaction of $220,300.00. Following the transaction, the director directly owned 13,138 shares of the company’s stock, valued at $289,430.14. The trade was a 318.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 6.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on CVBF shares. Piper Sandler increased their target price on CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Weiss Ratings cut CVB Financial from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Stephens upgraded CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price target for the company in a research note on Thursday, August 6th. Raymond James Financial raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a report on Wednesday, July 1st. Finally, Wall Street Zen upgraded shares of CVB Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, CVB Financial has an average rating of “Moderate Buy” and an average target price of $26.25.

CVB Financial Company Profile

CVB Financial Corp. is a bank holding company headquartered in Ontario, California. Its principal subsidiary, Citizens Business Bank, provides banking and financial services to businesses, professionals, and individuals, with a focus on relationship-based commercial banking.

Citizens Business Bank offers business checking and savings accounts, commercial and real estate loans, lines of credit, equipment financing, treasury management, cash management, and international banking services.