The CVB Financial Corporation (CVBF) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

The CVB Financial Corporation (CVBF) Releases Quarterly  Earnings Results, Beats Estimates By $0.01 EPS

CVB Financial Corporation (NASDAQ:CVBF) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. CVB Financial Corporation had a net margin of 34.39% and a return on equity of 10.59%. During the same quarter last year, the business posted $0.27 earnings per share.

Shares of CVB Financial Corporation (NASDAQ:CVBF) opened at 22.21 on Thursday. CVB Financial Corporation has a 12-month low of $14.02 and a 12-month high of $23.44. The stock has a 50 day moving average of $22.50 and a 200 day moving average of $18.75. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 23.14 and a beta of 1.48.

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 23rd. Stockholders of record on Friday, January 6th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, January 4th. This represents a $0.48 annualized dividend and a dividend yield of 2.16%. CVB Financial Corporation’s dividend payout ratio is currently 50.53%.

In related news, Director Robert Jacoby sold 6,000 shares of the company’s stock in a transaction dated Wednesday, November 30th. The shares were sold at an average price of $20.79, for a total value of $124,740.00. Following the completion of the sale, the director now owns 14,012 shares of the company’s stock, valued at $291,309.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher D. Myers sold 25,000 shares of the company’s stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $21.36, for a total transaction of $534,000.00. Following the completion of the sale, the chief executive officer now directly owns 355,052 shares of the company’s stock, valued at approximately $7,583,910.72. The disclosure for this sale can be found here. 7.80% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in CVBF. Panagora Asset Management Inc. raised its position in shares of CVB Financial Corporation by 5.1% in the second quarter. Panagora Asset Management Inc. now owns 470,402 shares of the financial services provider’s stock valued at $7,710,000 after buying an additional 22,656 shares during the period. Guggenheim Capital LLC raised its position in shares of CVB Financial Corporation by 94.5% in the second quarter. Guggenheim Capital LLC now owns 20,091 shares of the financial services provider’s stock valued at $329,000 after buying an additional 9,760 shares during the period. KCG Holdings Inc. bought a new position in shares of CVB Financial Corporation during the second quarter valued at $969,000. Riverhead Capital Management LLC raised its position in shares of CVB Financial Corporation by 377.2% in the second quarter. Riverhead Capital Management LLC now owns 115,359 shares of the financial services provider’s stock valued at $11,045,000 after buying an additional 91,183 shares during the period. Finally, State Street Corp raised its position in shares of CVB Financial Corporation by 2.3% in the second quarter. State Street Corp now owns 2,541,102 shares of the financial services provider’s stock valued at $41,649,000 after buying an additional 58,094 shares during the period. 66.79% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts recently weighed in on CVBF shares. Zacks Investment Research upgraded shares of CVB Financial Corporation from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Tuesday, October 4th. DA Davidson reiterated a “hold” rating and set a $18.00 price objective on shares of CVB Financial Corporation in a report on Monday, September 26th. Keefe, Bruyette & Woods boosted their price target on shares of CVB Financial Corporation from $17.00 to $18.00 and gave the company a “market perform” rating in a report on Tuesday, September 27th. Finally, Hovde Group lowered shares of CVB Financial Corporation from a “market perform” rating to an “underperform” rating and set a $19.00 price target for the company. in a report on Monday, November 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. CVB Financial Corporation has an average rating of “Hold” and an average price target of $18.50.

About CVB Financial Corporation

CVB Financial Corp. is the bank holding company for Citizens Business Bank (the Bank). The Bank’s segments include Business Financial and Commercial Banking Centers (Centers), Treasury and Others. The Company’s all administrative and other smaller operating departments are combined into the Other segment.

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