CVB Financial (NASDAQ:CVBF) Releases Quarterly Earnings Results, Beats Expectations By $0.14 EPS

CVB Financial (NASDAQ:CVBF) announced its earnings results on Wednesday. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 Performance

Shares of NASDAQ:CVBF traded down $0.18 during midday trading on Wednesday, hitting $22.24. The stock had a trading volume of 1,639,402 shares, compared to its average volume of 1,635,267. CVB Financial has a 1 year low of $17.94 and a 1 year high of $23.36. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.22. The stock has a 50 day moving average price of $21.32 and a two-hundred day moving average price of $20.37. The company has a market capitalization of $3.92 billion, a PE ratio of 14.63 and a beta of 0.65.

CVB Financial Dividend Announcement

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

Wall Street Analyst Weigh In

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

Insider Transactions at CVB Financial

In other news, Director George A. Borba, Jr. acquired 50,242 shares of CVB Financial stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average price of $19.90 per share, for a total transaction of $999,815.80. Following the completion of the transaction, the director directly owned 796,024 shares in the company, valued at approximately $15,840,877.60. This trade represents a 6.74% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CVB Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its stake in shares of CVB Financial by 28.7% during the 1st quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock worth $698,000 after buying an additional 8,432 shares in the last quarter. AQR Capital Management LLC boosted its stake 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 valued at $895,000 after buying an additional 12,992 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 acquiring an additional 3,442 shares during the period. Jones Financial Companies Lllp grew its holdings 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 worth $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 raised its position in CVB Financial by 9.1% in 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 worth $8,458,000 after acquiring an additional 38,250 shares in the last quarter. 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.