CVB Financial (NASDAQ:CVBF) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• CVB Financial reported quarterly earnings of $0.38 per share, exceeding the consensus estimate of $0.37 by $0.01.
• The company announced a quarterly dividend of $0.20 per share, which translates to an annualized dividend of $0.80 and a yield of 4.3%.
• Analysts have set a consensus rating of "Hold" for CVB Financial, with an average target price of $23.25.

CVB Financial (NASDAQ:CVBF - Get Free Report) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01, Zacks reports. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%.

CVB Financial Stock Performance

Shares of NASDAQ CVBF traded down $0.11 during mid-day trading on Wednesday, reaching $18.62. 950,438 shares of the company traded hands, compared to its average volume of 767,489. The stock has a market cap of $2.57 billion, a PE ratio of 12.84 and a beta of 0.67. The company's fifty day moving average is $19.51 and its two-hundred day moving average is $19.23. CVB Financial has a fifty-two week low of $16.01 and a fifty-two week high of $24.58.

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 16th. Stockholders of record on Wednesday, October 1st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.3%. CVB Financial's dividend payout ratio is currently 55.17%.

Analysts Set New Price Targets

Several research firms have weighed in on CVBF. Weiss Ratings reiterated a "hold (c)" rating on shares of CVB Financial in a research report on Tuesday, October 14th. Keefe, Bruyette & Woods lowered their price objective on shares of CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Finally, Piper Sandler lifted their price objective on shares of CVB Financial from $24.00 to $26.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $23.25.

Insider Buying and Selling

In related news, Director George A. Borba, Jr. purchased 53,567 shares of the stock in a transaction on Monday, August 4th. The shares were bought at an average price of $18.67 per share, for a total transaction of $1,000,095.89. Following the completion of the acquisition, the director directly owned 718,688 shares in the company, valued at approximately $13,417,904.96. This trade represents a 8.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anna Kan sold 11,000 shares of CVB Financial stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $20.35, for a total transaction of $223,850.00. Following the completion of the transaction, the director directly owned 31,593 shares in the company, valued at approximately $642,917.55. This represents a 25.83% decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CVB Financial

Several large investors have recently made changes to their positions in CVBF. Osterweis Capital Management Inc. bought a new stake in CVB Financial during the 2nd quarter valued at approximately $103,000. Oxford Asset Management LLP bought a new stake in CVB Financial during the 2nd quarter valued at approximately $233,000. Teza Capital Management LLC bought a new stake in CVB Financial during the 2nd quarter valued at approximately $259,000. BNP Paribas Financial Markets boosted its stake in CVB Financial by 49.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 13,902 shares of the financial services provider's stock valued at $275,000 after purchasing an additional 4,630 shares during the period. Finally, Jones Financial Companies Lllp boosted its stake in CVB Financial by 848.1% during the 1st quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider's stock valued at $300,000 after purchasing an additional 13,527 shares during the period. Institutional investors and hedge funds own 74.18% of the company's stock.

About CVB Financial

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.

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