CVB Financial Corp. (NASDAQ:CVBF – Free Report) – Equities research analysts at DA Davidson cut their FY2024 EPS estimates for shares of CVB Financial in a research note issued to investors on Tuesday, October 3rd. DA Davidson analyst G. Tenner now forecasts that the financial services provider will earn $1.70 per share for the year, down from their prior estimate of $1.76. The consensus estimate for CVB Financial’s current full-year earnings is $1.61 per share.
Separately, StockNews.com upgraded shares of CVB Financial to a “sell” rating in a research note on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, CVB Financial has a consensus rating of “Hold” and an average target price of $20.00.
CVB Financial Stock Up 2.2 %
CVBF stock opened at $15.97 on Wednesday. CVB Financial has a 12-month low of $10.66 and a 12-month high of $29.25. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 9.13 and a beta of 0.45. The company has a 50 day moving average of $17.60 and a two-hundred day moving average of $15.53.
CVB Financial (NASDAQ:CVBF – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. CVB Financial had a net margin of 39.70% and a return on equity of 12.58%. The business had revenue of $132.19 million during the quarter, compared to analysts’ expectations of $132.28 million. During the same period last year, the firm posted $0.42 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis.
CVB Financial Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 19th. Shareholders of record on Wednesday, October 4th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date is Tuesday, October 3rd. CVB Financial’s dividend payout ratio is presently 45.71%.
Insiders Place Their Bets
In other CVB Financial news, Director George A. Borba, Jr. purchased 165,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was acquired at an average cost of $19.52 per share, with a total value of $3,220,800.00. Following the completion of the purchase, the director now directly owns 165,000 shares in the company, valued at approximately $3,220,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.40% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the company. Metropolitan Life Insurance Co NY boosted its holdings in shares of CVB Financial by 5.3% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 8,448 shares of the financial services provider’s stock valued at $218,000 after buying an additional 424 shares during the period. LPL Financial LLC lifted its position in shares of CVB Financial by 0.7% in the second quarter. LPL Financial LLC now owns 65,429 shares of the financial services provider’s stock worth $1,623,000 after purchasing an additional 446 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of CVB Financial by 4.8% in the first quarter. Ameritas Investment Partners Inc. now owns 10,626 shares of the financial services provider’s stock worth $247,000 after purchasing an additional 490 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of CVB Financial by 1.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 69,643 shares of the financial services provider’s stock worth $1,728,000 after purchasing an additional 676 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in shares of CVB Financial by 1.4% in the second quarter. Cerity Partners LLC now owns 55,477 shares of the financial services provider’s stock worth $737,000 after purchasing an additional 771 shares in the last quarter. Institutional investors and hedge funds own 74.51% of the company’s stock.
About CVB Financial
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.
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