CVB Financial Corp. to Post FY2024 Earnings of $1.45 Per Share, DA Davidson Forecasts (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF - Free Report) - Investment analysts at DA Davidson lowered their FY2024 earnings per share (EPS) estimates for CVB Financial in a research report issued to clients and investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will earn $1.45 per share for the year, down from their prior estimate of $1.49. The consensus estimate for CVB Financial's current full-year earnings is $1.49 per share. DA Davidson also issued estimates for CVB Financial's FY2025 earnings at $1.50 EPS.

CVB Financial (NASDAQ:CVBF - Get Free Report) last released its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $138.52 million for the quarter, compared to analysts' expectations of $134.88 million. CVB Financial had a net margin of 33.26% and a return on equity of 11.50%.

CVBF has been the topic of a number of other reports. Wedbush decreased their price target on shares of CVB Financial from $22.00 to $21.00 and set a "neutral" rating on the stock in a research note on Thursday, January 25th. Keefe, Bruyette & Woods decreased their target price on CVB Financial from $22.00 to $20.00 and set a "market perform" rating on the stock in a research report on Friday, January 26th. Finally, StockNews.com upgraded CVB Financial to a "sell" rating in a research report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $20.67.

CVB Financial Trading Up 0.8 %

CVBF traded up $0.13 during midday trading on Thursday, hitting $15.98. 674,344 shares of the company traded hands, compared to its average volume of 900,571. The business has a 50 day simple moving average of $17.05 and a two-hundred day simple moving average of $17.67. CVB Financial has a 52-week low of $10.66 and a 52-week high of $21.77. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 10.05 and a beta of 0.46.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 5.01%. The ex-dividend date of this dividend was Tuesday, April 2nd. CVB Financial's dividend payout ratio is currently 50.31%.

Insider Activity

In related news, Director George A. Borba, Jr. acquired 59,601 shares of CVB Financial stock in a transaction that occurred on Tuesday, February 6th. The shares were purchased at an average price of $16.78 per share, for a total transaction of $1,000,104.78. Following the completion of the transaction, the director now owns 626,311 shares in the company, valued at approximately $10,509,498.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO E Allen Nicholson bought 2,000 shares of the firm's stock in a transaction on Thursday, February 1st. The shares were bought at an average cost of $16.77 per share, for a total transaction of $33,540.00. Following the acquisition, the chief financial officer now directly owns 92,310 shares of the company's stock, valued at approximately $1,548,038.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director George A. Borba, Jr. purchased 59,601 shares of the company's stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the purchase, the director now owns 626,311 shares in the company, valued at $10,509,498.58. The disclosure for this purchase can be found here. Insiders purchased 63,601 shares of company stock worth $1,067,145 over the last ninety days. Corporate insiders own 6.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in CVB Financial by 7.7% in the first quarter. BlackRock Inc. now owns 20,822,280 shares of the financial services provider's stock valued at $483,284,000 after purchasing an additional 1,487,960 shares during the period. Vanguard Group Inc. raised its holdings in CVB Financial by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider's stock valued at $317,014,000 after buying an additional 176,694 shares during the period. State Street Corp lifted its position in CVB Financial by 29.9% in the second quarter. State Street Corp now owns 8,084,109 shares of the financial services provider's stock valued at $107,357,000 after buying an additional 1,861,050 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in CVB Financial by 16.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,290,055 shares of the financial services provider's stock valued at $86,619,000 after buying an additional 594,901 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in CVB Financial by 44.1% during the third quarter. American Century Companies Inc. now owns 3,937,457 shares of the financial services provider's stock worth $65,244,000 after buying an additional 1,204,090 shares during the period. 74.18% of the stock is currently owned by institutional investors and hedge funds.

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.