CVB Financial (NASDAQ:CVBF) Announces Earnings Results, Beats Estimates By $0.14 EPS

Key Points

• CVB Financial reported quarterly EPS of $0.44, beating analysts’ estimate of $0.30 by $0.14. The company also posted a net margin of 32.05% and return on equity of 9.16%.
• The stock slipped to $22.24 on the day, but remains near its 52-week high of $23.36 and above its moving averages. CVB Financial has a market cap of about $3.92 billion and a dividend yield of 3.6%.
• The company declared a quarterly dividend of $0.20 per share, payable July 23 to shareholders of record on July 9. Analysts remain generally positive, with a consensus rating of Moderate Buy and an average price target of $24.30.

CVB Financial (NASDAQ:CVBF - Get Free Report) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.14, Zacks reports. CVB Financial had a net margin of 32.05% and a return on equity of 9.16%.

CVB Financial Price Performance

Shares of CVBF stock traded down $0.18 during trading hours on Wednesday, hitting $22.24. The company's stock had a trading volume of 1,639,402 shares, compared to its average volume of 1,635,267. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.22. The business has a fifty day moving average of $21.32 and a 200-day moving average of $20.37. CVB Financial has a twelve month low of $17.94 and a twelve month high of $23.36. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 14.63 and a beta of 0.65.

CVB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th will be given a $0.20 dividend. 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 is currently 52.63%.

Insider Activity

In related news, Director George A. Borba, Jr. acquired 50,242 shares of CVB Financial stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average cost of $19.90 per share, for a total transaction of $999,815.80. Following the completion of the transaction, the director directly owned 796,024 shares of the company's stock, valued at $15,840,877.60. The trade was a 6.74% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 6.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CVB Financial

Hedge funds have recently made changes to their positions in the business. HoldCo Asset Management LP grew its holdings in CVB Financial by 17,051.0% in the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider's stock valued at $41,366,000 after purchasing an additional 2,211,005 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in CVB Financial during the second quarter worth approximately $5,636,000. Jane Street Group LLC acquired a new position in shares of CVB Financial in the 1st quarter valued at $4,461,000. Citadel Advisors LLC grew its stake in shares of CVB Financial by 866.6% during the 3rd quarter. Citadel Advisors LLC now owns 228,122 shares of the financial services provider's stock valued at $4,314,000 after buying an additional 204,522 shares during the period. Finally, Boothbay Fund Management LLC purchased a new stake in shares of CVB Financial during the 4th quarter valued at $3,617,000. Institutional investors and hedge funds own 74.18% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVBF. Piper Sandler upped their price target 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. Weiss Ratings reissued a "buy (b-)" rating on shares of CVB Financial in a report on Wednesday, July 8th. Raymond James Financial raised shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price objective on the stock in a report on Wednesday, July 1st. Finally, Stephens reaffirmed an "equal weight" rating and issued a $23.00 target price on shares of CVB Financial in a report on Tuesday, June 16th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus 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.

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