CVB Financial (NASDAQ:CVBF) Announces Quarterly Earnings Results

CVB Financial (NASDAQ:CVBF) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. The firm had revenue of $126.45 million for the quarter, compared to analyst estimates of $126.75 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period last year, the company earned $0.42 EPS.

CVB Financial Stock Performance

Shares of CVB Financial stock traded down $0.36 during midday trading on Friday, hitting $19.23. The company had a trading volume of 590,389 shares, compared to its average volume of 830,553. The company has a 50 day moving average of $18.12 and a 200 day moving average of $17.45. The stock has a market capitalization of $2.69 billion, a P/E ratio of 12.65 and a beta of 0.45. CVB Financial has a 52-week low of $15.38 and a 52-week high of $21.77.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.16%. The ex-dividend date was Monday, September 30th. CVB Financial’s payout ratio is currently 52.63%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CVBF shares. Keefe, Bruyette & Woods upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. Wedbush reaffirmed a “neutral” rating and set a $20.00 target price on shares of CVB Financial in a research note on Thursday. Finally, Stephens increased their price target on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, CVB Financial presently has an average rating of “Hold” and an average target price of $20.25.

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.