CVB Financial (NASDAQ:CVBF) Announces Quarterly Earnings Results

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

CVB Financial Trading Down 1.8 %

CVB Financial stock traded down $0.36 during trading on Friday, reaching $19.23. The company had a trading volume of 590,389 shares, compared to its average volume of 830,553. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 12.65 and a beta of 0.45. The firm’s 50-day simple moving average is $18.12 and its 200 day simple moving average is $17.45. CVB Financial has a 52 week low of $15.38 and a 52 week high of $21.77.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date was Monday, September 30th. CVB Financial’s payout ratio is 52.63%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CVBF shares. Wedbush restated a “neutral” rating and issued a $20.00 price objective on shares of CVB Financial in a report on Thursday. Keefe, Bruyette & Woods upgraded CVB Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Stephens increased their price objective on CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $20.25.

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.