CVB Financial Corp. Expected to Post Q2 2024 Earnings of $0.34 Per Share (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF) – Investment analysts at Wedbush reduced their Q2 2024 earnings estimates for shares of CVB Financial in a note issued to investors on Thursday, April 25th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.34 for the quarter, down from their previous forecast of $0.38. Wedbush currently has a “Neutral” rating and a $19.00 target price on the stock. The consensus estimate for CVB Financial’s current full-year earnings is $1.41 per share. Wedbush also issued estimates for CVB Financial’s Q3 2024 earnings at $0.37 EPS, Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $1.43 EPS, Q1 2025 earnings at $0.37 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.40 EPS and Q4 2025 earnings at $0.40 EPS.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, meeting analysts’ consensus estimates of $0.35. CVB Financial had a return on equity of 10.84% and a net margin of 30.93%. The business had revenue of $126.57 million for the quarter, compared to analysts’ expectations of $127.46 million. During the same period last year, the firm earned $0.42 earnings per share. The business’s quarterly revenue was down 8.9% on a year-over-year basis.

Several other equities research analysts have also recently issued reports on CVBF. Hovde Group cut shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price objective on the stock. in a research report on Monday, April 22nd. StockNews.com upgraded shares of CVB Financial to a “sell” rating in a report on Friday, January 5th. Stephens reissued an “equal weight” rating and set a $20.00 price objective on shares of CVB Financial in a report on Thursday. Finally, Keefe, Bruyette & Woods reduced their target price on CVB Financial from $20.00 to $19.00 and set a “market perform” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.00.

CVB Financial Trading Down 0.2 %

Shares of CVBF opened at $16.48 on Friday. CVB Financial has a 12-month low of $10.66 and a 12-month high of $21.77. The company has a market capitalization of $2.30 billion, a PE ratio of 10.84 and a beta of 0.46. The business’s 50 day moving average is $16.98 and its 200 day moving average is $17.70.

Institutional Trading of CVB Financial

Several institutional investors have recently added to or reduced their stakes in CVBF. Strs Ohio purchased a new stake in shares of CVB Financial in the fourth quarter worth approximately $36,000. GAMMA Investing LLC purchased a new stake in CVB Financial in the fourth quarter worth $102,000. Headlands Technologies LLC bought a new stake in shares of CVB Financial during the fourth quarter worth $122,000. Assetmark Inc. boosted its stake in shares of CVB Financial by 141.5% during the fourth quarter. Assetmark Inc. now owns 8,598 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 5,038 shares during the period. Finally, Covestor Ltd boosted its stake in shares of CVB Financial by 11.2% during the third quarter. Covestor Ltd now owns 8,761 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 885 shares during the period. Institutional investors own 74.18% of the company’s stock.

Insider Activity

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

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were issued a $0.20 dividend. The ex-dividend date was Tuesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.85%. CVB Financial’s dividend payout ratio (DPR) is presently 52.63%.

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.