CVB Financial (NASDAQ:CVBF) Issues Quarterly Earnings Results

CVB Financial (NASDAQ:CVBF - Get Free Report) issued its earnings results on Wednesday. The financial services provider reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01, Zacks reports. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%. The business had revenue of $126.35 million for the quarter, compared to analyst estimates of $127.95 million. During the same quarter last year, the company earned $0.36 EPS.

CVB Financial Price Performance

Shares of CVBF stock traded down $0.49 during midday trading on Friday, hitting $19.27. The company had a trading volume of 885,083 shares, compared to its average volume of 909,650. The company's 50 day simple moving average is $19.61 and its 200 day simple moving average is $19.37. CVB Financial has a 52-week low of $16.01 and a 52-week high of $24.58. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 13.29 and a beta of 0.67.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were paid a $0.20 dividend. The ex-dividend date was Thursday, July 10th. This represents a $0.80 annualized dividend and a dividend yield of 4.15%. CVB Financial's dividend payout ratio (DPR) is currently 55.17%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in CVB Financial by 9.1% during the first 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. Jane Street Group LLC purchased a new stake in CVB Financial during the first quarter worth $4,461,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in CVB Financial by 4.6% during 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 purchasing an additional 3,442 shares in the last quarter. AQR Capital Management LLC boosted its position in CVB Financial by 36.6% during the first quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider's stock worth $895,000 after purchasing an additional 12,992 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in CVB Financial by 28.7% during the first quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider's stock worth $698,000 after purchasing an additional 8,432 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

CVBF has been the topic of several research analyst reports. Keefe, Bruyette & Woods cut their target price on CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday. Piper Sandler cut their price target on CVB Financial from $25.00 to $24.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.