CVB Financial (NASDAQ:CVBF) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

CVB Financial (NASDAQ:CVBF) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business had revenue of $126.45 million during the quarter, compared to analyst estimates of $126.75 million. During the same quarter in the prior year, the business posted $0.42 EPS. CVB Financial’s revenue for the quarter was down 8.2% compared to the same quarter last year.

CVB Financial Price Performance

Shares of CVB Financial stock traded down $0.04 during trading on Thursday, hitting $18.95. The stock had a trading volume of 295,712 shares, compared to its average volume of 827,942. The stock has a market cap of $2.65 billion, a PE ratio of 12.61 and a beta of 0.45. CVB Financial has a 12 month low of $14.62 and a 12 month high of $21.77. The firm’s fifty day simple moving average is $18.02 and its 200-day simple moving average is $17.42.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.22%. The ex-dividend date was Monday, September 30th. CVB Financial’s dividend payout ratio is currently 52.63%.

Analyst Ratings Changes

Several research firms recently issued reports on CVBF. Wedbush reiterated a “neutral” rating and set a $20.00 target price on shares of CVB Financial in a research report on Thursday. Stephens lifted their price objective on shares of CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $22.00 in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, CVB Financial has a consensus rating of “Hold” and a consensus target price of $20.25.

CVB Financial Company Profile

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.