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

CVB Financial (NASDAQ:CVBF) announced 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 firm had revenue of $126.45 million during the quarter, compared to analysts’ expectations of $126.75 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The company’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS.

CVB Financial Stock Up 0.1 %

Shares of NASDAQ:CVBF traded up $0.01 during trading on Thursday, hitting $19.00. The stock had a trading volume of 270,613 shares, compared to its average volume of 827,820. The stock has a 50-day simple moving average of $18.02 and a two-hundred day simple moving average of $17.42. The stock has a market capitalization of $2.65 billion, a price-to-earnings 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.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 4.21%. CVB Financial’s dividend payout ratio is currently 52.63%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wedbush reiterated a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research report on Thursday. Stephens upped 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. Finally, Keefe, Bruyette & Woods raised CVB Financial from a “market perform” rating to an “outperform” rating and raised 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 issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.