CVB Financial (NASDAQ:CVBF – Get Free Report) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01), Zacks reports. CVB Financial had a return on equity of 9.21% and a net margin of 29.02%. During the same period in the prior year, the business earned $0.38 EPS.
CVB Financial Stock Performance
Shares of NASDAQ CVBF traded up $0.08 during midday trading on Wednesday, reaching $22.24. The company’s stock had a trading volume of 1,233,399 shares, compared to its average volume of 1,525,636. The stock has a market capitalization of $3.91 billion, a P/E ratio of 15.34 and a beta of 0.66. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a 50 day moving average price of $22.28 and a 200-day moving average price of $21.63. CVB Financial has a 12-month low of $18.01 and a 12-month high of $23.41.
CVB Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Wednesday, September 30th. CVB Financial’s payout ratio is presently 55.17%.
Insider Activity at CVB Financial
In related news, COO David Harvey sold 40,000 shares of CVB Financial stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total transaction of $917,600.00. Following the sale, the chief operating officer directly owned 98,149 shares in the company, valued at approximately $2,251,538.06. This trade represents a 28.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brien Raymond V. O. III acquired 20,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was acquired at an average cost of $22.77 per share, for a total transaction of $455,400.00. Following the transaction, the director owned 85,780 shares of the company’s stock, valued at approximately $1,953,210.60. The trade was a 30.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 6.40% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
CVBF has been the topic of a number of recent research reports. DA Davidson raised their target price on CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Piper Sandler upped their price target on CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Raymond James Financial raised CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research report on Wednesday, July 1st. Weiss Ratings cut CVB Financial from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Finally, Wall Street Zen upgraded CVB Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, CVB Financial presently has an average rating of “Moderate Buy” and an average price target of $26.25.
View Our Latest Stock Report on CVB Financial
About CVB Financial
CVB Financial Corp. is a bank holding company headquartered in Ontario, California. Its principal subsidiary, Citizens Business Bank, provides banking and financial services to businesses, professionals, and individuals, with a focus on relationship-based commercial banking.
Citizens Business Bank offers business checking and savings accounts, commercial and real estate loans, lines of credit, equipment financing, treasury management, cash management, and international banking services.
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