FY2024 EPS Estimates for CVB Financial Corp. Decreased by Analyst (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF) – Equities researchers at Wedbush lowered their FY2024 EPS estimates for CVB Financial in a research note issued to investors on Thursday, July 25th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $1.39 per share for the year, down from their prior estimate of $1.44. Wedbush currently has a “Neutral” rating and a $21.00 target price on the stock. The consensus estimate for CVB Financial’s current full-year earnings is $1.40 per share.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. The company had revenue of $125.27 million during the quarter, compared to the consensus estimate of $126.86 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the business earned $0.40 EPS.

CVBF has been the topic of several other research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $20.00 price target (up previously from $19.00) on shares of CVB Financial in a research note on Friday, July 26th. Hovde Group downgraded CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price target for the company. in a research note on Monday, April 22nd. Janney Montgomery Scott downgraded CVB Financial from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 22nd. Finally, Stephens upped their target price on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, CVB Financial presently has an average rating of “Hold” and a consensus price target of $20.00.

CVB Financial Stock Performance

Shares of CVBF opened at $19.15 on Monday. The firm has a market cap of $2.67 billion, a PE ratio of 12.60 and a beta of 0.47. The firm’s 50 day moving average price is $17.26 and its 200 day moving average price is $17.24. CVB Financial has a twelve month low of $14.62 and a twelve month high of $21.77.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, July 11th. This represents a $0.80 annualized dividend and a yield of 4.18%. CVB Financial’s payout ratio is 52.63%.

Insider Buying and Selling at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. purchased 4,610 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was bought at an average cost of $16.00 per share, for a total transaction of $73,760.00. Following the completion of the acquisition, the director now directly owns 665,121 shares in the company, valued at $10,641,936. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director George A. Borba, Jr. bought 34,200 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average cost of $15.99 per share, with a total value of $546,858.00. Following the completion of the transaction, the director now directly owns 660,511 shares in the company, valued at $10,561,570.89. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George A. Borba, Jr. purchased 4,610 shares of the business’s stock in a transaction on Monday, June 17th. The stock was purchased at an average cost of $16.00 per share, with a total value of $73,760.00. Following the acquisition, the director now owns 665,121 shares in the company, valued at $10,641,936. The disclosure for this purchase can be found here. Insiders own 6.00% of the company’s stock.

Institutional Trading of CVB Financial

Several institutional investors have recently modified their holdings of the company. Raymond James & Associates boosted its stake in CVB Financial by 2.5% during the fourth quarter. Raymond James & Associates now owns 35,598 shares of the financial services provider’s stock worth $719,000 after buying an additional 854 shares in the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of CVB Financial by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider’s stock worth $1,150,000 after acquiring an additional 1,100 shares during the period. Texas Permanent School Fund Corp boosted its position in shares of CVB Financial by 1.1% during the 1st quarter. Texas Permanent School Fund Corp now owns 115,600 shares of the financial services provider’s stock valued at $2,062,000 after acquiring an additional 1,299 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in CVB Financial by 1.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 114,509 shares of the financial services provider’s stock valued at $2,041,000 after acquiring an additional 1,396 shares during the period. Finally, Versant Capital Management Inc raised its position in CVB Financial by 832.8% in the second quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,574 shares in the last quarter. Institutional investors and hedge funds own 74.18% of the company’s stock.

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.