CVB Financial (NASDAQ:CVBF) Issues Quarterly Earnings Results

CVB Financial (NASDAQ:CVBF) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.40, Zacks reports. CVB Financial had a net margin of 31.95% and a return on equity of 9.18%.

CVB Financial Stock Up 5.3%

CVBF stock traded up $1.04 during trading on Wednesday, hitting $20.80. The company had a trading volume of 1,516,678 shares, compared to its average volume of 1,355,152. CVB Financial has a 1-year low of $16.01 and a 1-year high of $21.41. The firm has a 50-day moving average price of $19.45 and a 200-day moving average price of $19.48. The firm has a market cap of $2.85 billion, a PE ratio of 14.25 and a beta of 0.68.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 13th. Investors of record on Monday, December 29th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Monday, December 29th. CVB Financial’s dividend payout ratio (DPR) is currently 54.79%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. DA Davidson boosted their price target on CVB Financial from $21.00 to $22.50 and gave the stock a “neutral” rating in a research report on Friday, December 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of CVB Financial in a report on Monday, December 29th. Finally, Wall Street Zen downgraded shares of CVB Financial from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, CVB Financial has a consensus rating of “Hold” and an average price target of $23.88.

Insider Activity

In other news, Director George A. Borba, Jr. purchased 27,094 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were acquired at an average price of $18.45 per share, for a total transaction of $499,884.30. Following the acquisition, the director directly owned 745,782 shares in the company, valued at approximately $13,759,677.90. The trade was a 3.77% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

Institutional investors have recently modified their holdings of the company. New York State Common Retirement Fund grew its holdings in shares of CVB Financial by 2.0% during the 2nd quarter. New York State Common Retirement Fund now owns 41,117 shares of the financial services provider’s stock worth $814,000 after purchasing an additional 819 shares during the period. Jones Financial Companies Lllp lifted its position in CVB Financial by 848.1% during the first quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider’s stock valued at $300,000 after buying an additional 13,527 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in CVB Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider’s stock worth $1,456,000 after buying an additional 3,442 shares during the period. AQR Capital Management LLC increased its position in shares of CVB Financial by 36.6% in the first quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock worth $895,000 after acquiring an additional 12,992 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in shares of CVB Financial by 28.7% in the 1st quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock valued at $698,000 after acquiring an additional 8,432 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

About CVB Financial

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.