CVB Financial (NASDAQ:CVBF) Releases Quarterly Earnings Results, Hits Estimates

CVB Financial (NASDAQ:CVBF - Get Free Report) announced its earnings results on Wednesday. The financial services provider reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35, Briefing.com reports. The firm had revenue of $126.57 million during the quarter, compared to the consensus estimate of $127.46 million. CVB Financial had a return on equity of 11.50% and a net margin of 33.26%. The firm's revenue for the quarter was down 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 EPS.

CVB Financial Stock Down 3.4 %

Shares of NASDAQ:CVBF traded down $0.58 during trading on Thursday, reaching $16.51. The stock had a trading volume of 1,381,213 shares, compared to its average volume of 906,719. CVB Financial has a fifty-two week low of $10.66 and a fifty-two week high of $21.77. The business has a fifty day moving average price of $17.00 and a 200-day moving average price of $17.69. The stock has a market cap of $2.31 billion, a P/E ratio of 10.38 and a beta of 0.46.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Wednesday, April 3rd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.80 annualized dividend and a dividend yield of 4.85%. CVB Financial's dividend payout ratio is currently 50.31%.

Insiders Place Their Bets

In other CVB Financial news, CEO David A. Brager bought 2,000 shares of CVB Financial stock in a transaction that occurred on Tuesday, February 6th. The shares were purchased at an average cost of $16.75 per share, for a total transaction of $33,500.00. Following the completion of the transaction, the chief executive officer now owns 152,814 shares of the company's stock, valued at approximately $2,559,634.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO David A. Brager acquired 2,000 shares of the stock in a transaction dated Tuesday, February 6th. The stock was bought at an average cost of $16.75 per share, with a total value of $33,500.00. Following the purchase, the chief executive officer now directly owns 152,814 shares of the company's stock, valued at $2,559,634.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director George A. Borba, Jr. purchased 59,601 shares of the stock in a transaction on Tuesday, February 6th. The shares were purchased at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the transaction, the director now owns 626,311 shares of the company's stock, valued at approximately $10,509,498.58. The disclosure for this purchase can be found here. In the last three months, insiders bought 63,601 shares of company stock valued at $1,067,145. Company insiders own 6.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods cut their price objective on CVB Financial from $22.00 to $20.00 and set a "market perform" rating on the stock in a report on Friday, January 26th. Stephens restated an "equal weight" rating and set a $20.00 price target on shares of CVB Financial in a report on Thursday. StockNews.com upgraded shares of CVB Financial to a "sell" rating in a research report on Friday, January 5th. Hovde Group downgraded CVB Financial from an "outperform" rating to a "market perform" rating and set a $18.00 target price on the stock. in a report on Monday. Finally, Wedbush reiterated a "neutral" rating and issued a $19.00 target price on shares of CVB Financial in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $19.25.

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.