Q1 2023 Earnings Forecast for CVB Financial Corp. Issued By DA Davidson (NASDAQ:CVBF)

Posted by Defense World Staff on Apr 7th, 2023

CVB Financial Corp. (NASDAQ:CVBF – Get Rating) – Research analysts at DA Davidson dropped their Q1 2023 EPS estimates for CVB Financial in a report issued on Wednesday, April 5th. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings of $0.44 per share for the quarter, down from their previous estimate of $0.47. The consensus estimate for CVB Financial’s current full-year earnings is $1.84 per share. DA Davidson also issued estimates for CVB Financial’s FY2023 earnings at $1.83 EPS and FY2024 earnings at $1.98 EPS.

CVB Financial (NASDAQ:CVBF – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The financial services provider reported $0.47 earnings per share for the quarter, hitting the consensus estimate of $0.47. The business had revenue of $149.86 million during the quarter, compared to the consensus estimate of $147.82 million. CVB Financial had a net margin of 41.69% and a return on equity of 11.94%. The firm’s revenue for the quarter was up 30.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 earnings per share.

CVBF has been the subject of several other reports. TheStreet downgraded shares of CVB Financial from a “b-” rating to a “c+” rating in a research note on Wednesday. StockNews.com downgraded shares of CVB Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, March 14th.

CVB Financial Stock Up 0.4 %

CVB Financial stock opened at $16.20 on Thursday. The company has a market capitalization of $2.26 billion, a PE ratio of 9.76 and a beta of 0.36. The firm has a fifty day simple moving average of $21.60 and a two-hundred day simple moving average of $24.91. CVB Financial has a twelve month low of $15.65 and a twelve month high of $29.25.

CVB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 19th. Stockholders of record on Wednesday, April 5th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.94%. The ex-dividend date of this dividend is Tuesday, April 4th. CVB Financial’s dividend payout ratio (DPR) is 48.19%.

Hedge Funds Weigh In On CVB Financial

Several hedge funds and other institutional investors have recently modified their holdings of CVBF. Morgan Stanley raised its stake in shares of CVB Financial by 172.4% during the fourth quarter. Morgan Stanley now owns 3,718,134 shares of the financial services provider’s stock valued at $95,742,000 after acquiring an additional 2,353,360 shares during the last quarter. State Street Corp raised its stake in shares of CVB Financial by 24.3% during the first quarter. State Street Corp now owns 7,689,996 shares of the financial services provider’s stock valued at $178,485,000 after acquiring an additional 1,502,666 shares during the last quarter. BlackRock Inc. raised its stake in shares of CVB Financial by 7.7% during the first quarter. BlackRock Inc. now owns 20,822,280 shares of the financial services provider’s stock valued at $483,284,000 after acquiring an additional 1,487,960 shares during the last quarter. Norges Bank bought a new position in CVB Financial in the fourth quarter worth about $29,578,000. Finally, Eaton Vance Management raised its stake in CVB Financial by 131.2% in the first quarter. Eaton Vance Management now owns 1,560,789 shares of the financial services provider’s stock worth $36,226,000 after buying an additional 885,786 shares in the last quarter. 71.35% of the stock is owned by institutional investors.

About CVB Financial

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CVB Financial Corp. is a bank holding company, which engages in the provision of relationship-based banking products, services, and solutions for small to mid-sized companies, real estate investors, non-profit organizations, professionals, and other individuals through its subsidiary, Citizens Business Bank.