CVB Financial (NASDAQ:CVBF) Announces Earnings Results

CVB Financial (NASDAQ:CVBF) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.40, Zacks reports. CVB Financial had a return on equity of 9.18% and a net margin of 31.95%.

CVB Financial Price Performance

Shares of NASDAQ:CVBF traded up $1.04 during midday trading on Wednesday, reaching $20.80. The company’s stock had a trading volume of 1,516,678 shares, compared to its average volume of 1,355,152. CVB Financial has a fifty-two week low of $16.01 and a fifty-two week high of $21.41. The business’s fifty day simple moving average is $19.45 and its 200-day simple moving average is $19.48. The company has a market capitalization of $2.85 billion, a P/E ratio of 14.25 and a beta of 0.68.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 13th. Stockholders of record on Monday, December 29th were paid a $0.20 dividend. The ex-dividend date was Monday, December 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.8%. CVB Financial’s dividend payout ratio (DPR) is 54.79%.

Insider Buying and Selling at CVB Financial

In related news, Director George A. Borba, Jr. bought 27,094 shares of CVB Financial stock in a transaction dated Friday, November 14th. The shares were bought at an average cost of $18.45 per share, for a total transaction of $499,884.30. Following the completion of the transaction, the director owned 745,782 shares of the company’s stock, valued at approximately $13,759,677.90. This trade represents a 3.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On CVB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System raised its position in shares of CVB Financial by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 128,667 shares of the financial services provider’s stock valued at $2,546,000 after acquiring an additional 754 shares during the period. Sei Investments Co. increased its stake in 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 in the last quarter. New York State Common Retirement Fund boosted its position in shares of CVB Financial by 2.0% during the second quarter. New York State Common Retirement Fund now owns 41,117 shares of the financial services provider’s stock worth $814,000 after purchasing an additional 819 shares in the last quarter. Swiss National Bank lifted its holdings in CVB Financial by 0.5% during the third quarter. Swiss National Bank now owns 253,800 shares of the financial services provider’s stock worth $4,799,000 after acquiring an additional 1,300 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of CVB Financial by 2.3% in the third quarter. CANADA LIFE ASSURANCE Co now owns 120,102 shares of the financial services provider’s stock worth $2,290,000 after acquiring an additional 2,652 shares in the last quarter. Institutional investors own 74.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CVBF. Wall Street Zen downgraded shares of CVB Financial from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CVB Financial in a research report on Monday, December 29th. Finally, DA Davidson boosted their price target on shares of CVB Financial from $21.00 to $22.50 and gave the company a “neutral” rating in a report on Friday, December 19th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, CVB Financial has an average rating of “Hold” and an average price target of $23.88.

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.