CVB Financial (NASDAQ:CVBF) Posts Earnings Results, Beats Expectations By $0.02 EPS

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

CVB Financial Stock Performance

CVBF stock traded up $0.22 during mid-day trading on Thursday, reaching $19.21. 57,251 shares of the stock traded hands, compared to its average volume of 826,784. CVB Financial has a one year low of $14.62 and a one year high of $21.77. The stock has a market capitalization of $2.68 billion, a PE ratio of 12.61 and a beta of 0.45. The business has a 50-day moving average price of $18.02 and a two-hundred day moving average price of $17.42.

CVB Financial Dividend Announcement

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

Wall Street Analyst Weigh In

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