CVB Financial (NASDAQ:CVBF) Issues Quarterly Earnings Results

CVB Financial (NASDAQ:CVBF) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01, Zacks reports. The firm had revenue of $128.58 million for the quarter, compared to analysts’ expectations of $131.10 million. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%.

CVB Financial Price Performance

CVB Financial stock opened at $18.62 on Thursday. CVB Financial has a fifty-two week low of $16.01 and a fifty-two week high of $24.58. The firm has a fifty day moving average price of $19.49 and a two-hundred day moving average price of $19.23. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 12.84 and a beta of 0.67.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 16th. Investors of record on Wednesday, October 1st were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.3%. The ex-dividend date was Wednesday, October 1st. CVB Financial’s dividend payout ratio (DPR) is 55.17%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CVBF shares. Piper Sandler lifted their target price on shares of CVB Financial from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Weiss Ratings reissued a “hold (c)” rating on shares of CVB Financial in a research note on Tuesday, October 14th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of CVB Financial from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, July 25th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, CVB Financial presently has a consensus rating of “Hold” and a consensus target price of $23.25.

Insider Transactions at CVB Financial

In other news, Director Anna Kan sold 11,000 shares of CVB Financial stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $20.35, for a total value of $223,850.00. Following the transaction, the director directly owned 31,593 shares in the company, valued at approximately $642,917.55. The trade was a 25.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director George A. Borba, Jr. acquired 53,567 shares of the company’s stock in a transaction dated Monday, August 4th. The stock was acquired at an average price of $18.67 per share, for a total transaction of $1,000,095.89. Following the completion of the purchase, the director directly owned 718,688 shares of the company’s stock, valued at $13,417,904.96. This trade represents a 8.05% increase in their position. The disclosure for this purchase can be found here. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

A number of institutional investors have recently made changes to their positions in CVBF. Royal Bank of Canada increased its stake in shares of CVB Financial by 28.7% in the first quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock worth $698,000 after purchasing an additional 8,432 shares during the period. AQR Capital Management LLC increased its stake in CVB Financial by 36.6% during the first quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock valued at $895,000 after acquiring an additional 12,992 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 valued at $1,456,000 after acquiring an additional 3,442 shares during the period. Jones Financial Companies Lllp increased its stake 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 acquiring an additional 13,527 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in CVB Financial by 9.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider’s stock valued at $8,458,000 after acquiring an additional 38,250 shares during the period. 74.18% of the stock is currently owned by institutional investors.

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.