CVB Financial (NASDAQ:CVBF) Posts Earnings Results, Beats Estimates By $0.14 EPS

CVB Financial (NASDAQ:CVBF) posted its earnings results on Wednesday. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.14, Zacks reports. CVB Financial had a net margin of 32.05% and a return on equity of 9.16%.

CVB Financial Stock Down 0.8%

Shares of CVB Financial stock traded down $0.18 on Wednesday, hitting $22.24. 1,639,402 shares of the company’s stock traded hands, compared to its average volume of 1,635,267. The stock has a market cap of $3.92 billion, a P/E ratio of 14.63 and a beta of 0.65. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.22. The firm’s 50-day moving average is $21.32 and its 200 day moving average is $20.37. CVB Financial has a 52-week low of $17.94 and a 52-week high of $23.36.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Thursday, July 9th. CVB Financial’s dividend payout ratio is presently 52.63%.

Insider Activity

In related news, Director George A. Borba, Jr. purchased 25,187 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average price of $19.85 per share, for a total transaction of $499,961.95. Following the completion of the purchase, the director owned 846,308 shares in the company, valued at approximately $16,799,213.80. This represents a 3.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CVBF. Invesco Ltd. increased its position in shares of CVB Financial by 35.2% in the 4th quarter. Invesco Ltd. now owns 532,352 shares of the financial services provider’s stock worth $9,902,000 after purchasing an additional 138,661 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of CVB Financial by 418.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 91,906 shares of the financial services provider’s stock valued at $1,709,000 after purchasing an additional 74,169 shares in the last quarter. XTX Topco Ltd lifted its position in shares of CVB Financial by 26.1% during the fourth quarter. XTX Topco Ltd now owns 20,544 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 4,253 shares during the last quarter. VARCOV Co. bought a new position in shares of CVB Financial during the fourth quarter worth about $991,000. Finally, Wellington Management Group LLP grew its stake in CVB Financial by 1.0% in the fourth quarter. Wellington Management Group LLP now owns 1,075,272 shares of the financial services provider’s stock worth $20,000,000 after purchasing an additional 10,545 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on CVBF shares. Stephens reiterated an “equal weight” rating and set a $23.00 target price on shares of CVB Financial in a report on Tuesday, June 16th. Raymond James Financial upgraded CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of CVB Financial in a research report on Wednesday, July 8th. Finally, Piper Sandler lifted their price objective on shares of CVB Financial from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $24.30.

CVB Financial Company Profile

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.