CVB Financial (NASDAQ:CVBF) Announces Earnings Results
by Tristan Rich · The Markets DailyCVB Financial (NASDAQ:CVBF – Get Free Report) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03, Zacks reports. CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.
CVB Financial Stock Up 0.4%
CVB Financial stock traded up $0.08 during midday trading on Wednesday, reaching $22.24. The company’s stock had a trading volume of 1,233,399 shares, compared to its average volume of 1,525,633. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $3.91 billion, a P/E ratio of 15.34 and a beta of 0.66. The stock’s 50-day simple moving average is $22.29 and its 200-day simple moving average is $21.61. CVB Financial has a 52-week low of $18.01 and a 52-week high of $23.41.
CVB Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Wednesday, September 30th. CVB Financial’s dividend payout ratio is currently 55.17%.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on CVBF. DA Davidson increased their price target on shares of CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Wall Street Zen upgraded CVB Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Piper Sandler boosted their price target on shares of CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Raymond James Financial raised CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a research report on Wednesday, July 1st. Finally, Stephens raised shares of CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price target for the company in a research report on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, CVB Financial has a consensus rating of “Moderate Buy” and a consensus price target of $26.25.
Get Our Latest Report on CVB Financial
Insider Transactions at CVB Financial
In related news, COO David C. Harvey sold 40,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total value of $917,600.00. Following the completion of the transaction, the chief operating officer directly owned 98,149 shares of the company’s stock, valued at $2,251,538.06. This trade represents a 28.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mike Maddox acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was bought at an average cost of $22.03 per share, with a total value of $220,300.00. Following the completion of the transaction, the director directly owned 13,138 shares in the company, valued at $289,430.14. The trade was a 318.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 6.40% of the company’s stock.
About CVB Financial
CVB Financial Corp. is a bank holding company headquartered in Ontario, California. Its principal subsidiary, Citizens Business Bank, provides banking and financial services to businesses, professionals, and individuals, with a focus on relationship-based commercial banking.
Citizens Business Bank offers business checking and savings accounts, commercial and real estate loans, lines of credit, equipment financing, treasury management, cash management, and international banking services.
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