CVB Financial Corp. (NASDAQ:CVBF) Forecasted to Post FY2024 Earnings of $1.45 Per Share

CVB Financial Corp. (NASDAQ:CVBF) – Equities research analysts at DA Davidson reduced their FY2024 EPS estimates for CVB Financial in a research note issued to investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings per share of $1.45 for the year, down from their previous estimate of $1.49. The consensus estimate for CVB Financial’s current full-year earnings is $1.49 per share. DA Davidson also issued estimates for CVB Financial’s FY2025 earnings at $1.50 EPS.

Several other brokerages have also recently weighed in on CVBF. StockNews.com upgraded shares of CVB Financial to a “sell” rating in a research note on Friday, January 5th. Wedbush dropped their price target on shares of CVB Financial from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of CVB Financial from $22.00 to $20.00 and set a “market perform” rating on the stock in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $20.67.

CVB Financial Price Performance

Shares of CVB Financial stock opened at $15.98 on Thursday. The company’s fifty day simple moving average is $17.05 and its 200-day simple moving average is $17.67. The stock has a market capitalization of $2.23 billion, a PE ratio of 10.05 and a beta of 0.46. CVB Financial has a 1-year low of $10.66 and a 1-year high of $21.77.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. CVB Financial had a net margin of 33.26% and a return on equity of 11.50%. The company had revenue of $138.52 million for the quarter, compared to analysts’ expectations of $134.88 million.

Institutional Trading of CVB Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CVBF. Strs Ohio bought a new stake in CVB Financial in the 4th quarter valued at $36,000. Point72 Hong Kong Ltd purchased a new position in shares of CVB Financial in the 4th quarter worth $42,000. FMR LLC grew its stake in shares of CVB Financial by 96.0% in the 2nd quarter. FMR LLC now owns 1,756 shares of the financial services provider’s stock worth $44,000 after buying an additional 860 shares in the last quarter. Royal Bank of Canada grew its stake in shares of CVB Financial by 277.7% in the 3rd quarter. Royal Bank of Canada now owns 2,878 shares of the financial services provider’s stock worth $73,000 after buying an additional 2,116 shares in the last quarter. Finally, Point72 Middle East FZE purchased a new position in shares of CVB Financial in the 4th quarter worth $92,000. 74.18% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO E Allen Nicholson acquired 2,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were purchased at an average cost of $16.77 per share, for a total transaction of $33,540.00. Following the transaction, the chief financial officer now directly owns 92,310 shares of the company’s stock, valued at $1,548,038.70. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director George A. Borba, Jr. purchased 59,601 shares of CVB Financial stock in a transaction on Tuesday, February 6th. The shares were bought at an average cost of $16.78 per share, for a total transaction of $1,000,104.78. Following the acquisition, the director now owns 626,311 shares in the company, valued at approximately $10,509,498.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO E Allen Nicholson purchased 2,000 shares of CVB Financial stock in a transaction on Thursday, February 1st. The stock was bought at an average price of $16.77 per share, for a total transaction of $33,540.00. Following the completion of the acquisition, the chief financial officer now owns 92,310 shares in the company, valued at approximately $1,548,038.70. The disclosure for this purchase can be found here. Insiders have bought 63,601 shares of company stock worth $1,067,145 in the last three months. Company insiders own 6.00% of the company’s stock.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 2nd. This represents a $0.80 annualized dividend and a dividend yield of 5.01%. CVB Financial’s payout ratio is 50.31%.

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.