CVB Financial (NASDAQ:CVBF) Announces Quarterly Earnings Results

CVB Financial (NASDAQ:CVBF) released its quarterly earnings results on Wednesday. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01), Briefing.com reports. CVB Financial had a net margin of 32.05% and a return on equity of 9.16%. The firm had revenue of $179.43 million for the quarter, compared to the consensus estimate of $184.62 million. During the same quarter in the prior year, the firm earned $0.36 earnings per share.

CVB Financial Stock Performance

NASDAQ:CVBF opened at $22.24 on Thursday. The stock has a 50-day moving average price of $21.38 and a 200 day moving average price of $20.39. The stock has a market capitalization of $3.92 billion, a P/E ratio of 14.63 and a beta of 0.65. CVB Financial has a 12-month low of $17.94 and a 12-month high of $23.36. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.22.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 23rd. Investors of record on Thursday, July 9th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, July 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.6%. CVB Financial’s dividend payout ratio (DPR) is currently 52.63%.

Insiders Place Their Bets

In related news, Director George A. Borba, Jr. acquired 50,242 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was acquired at an average cost of $19.90 per share, with a total value of $999,815.80. Following the acquisition, the director directly owned 796,024 shares in the company, valued at $15,840,877.60. This represents a 6.74% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 6.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CVBF. Illinois Municipal Retirement Fund grew its holdings in shares of CVB Financial by 1.1% in the fourth quarter. Illinois Municipal Retirement Fund now owns 67,931 shares of the financial services provider’s stock valued at $1,264,000 after purchasing an additional 742 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of CVB Financial by 0.6% during the second quarter. California State Teachers Retirement System now owns 128,667 shares of the financial services provider’s stock worth $2,546,000 after purchasing an additional 754 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of CVB Financial by 4.5% in the third quarter. Sei Investments Co. now owns 17,729 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 770 shares during the period. New York State Common Retirement Fund raised its holdings in shares of CVB Financial by 2.0% in the second quarter. New York State Common Retirement Fund now owns 41,117 shares of the financial services provider’s stock valued at $814,000 after acquiring an additional 819 shares in the last quarter. Finally, Captrust Financial Advisors lifted its position in shares of CVB Financial by 1.5% in the 4th quarter. Captrust Financial Advisors now owns 63,803 shares of the financial services provider’s stock worth $1,187,000 after purchasing an additional 945 shares during the period. Institutional investors own 74.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CVBF. Stephens reaffirmed an “equal weight” rating and set a $23.00 target price on shares of CVB Financial in a report on Tuesday, June 16th. Weiss Ratings restated a “buy (b-)” rating on shares of CVB Financial in a research report on Wednesday, July 8th. Raymond James Financial raised CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a research report on Wednesday, July 1st. Finally, Piper Sandler raised 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. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.30.

CVB Financial Company Profile

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.