DA Davidson Comments on CVB Financial Corp.’s FY2024 Earnings (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF) – Stock analysts at DA Davidson dropped their FY2024 earnings per share (EPS) estimates for shares of CVB Financial in a research report issued to clients and investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the financial services provider will post earnings of $1.39 per share for the year, down from their previous forecast of $1.40. The consensus estimate for CVB Financial’s current full-year earnings is $1.40 per share. DA Davidson also issued estimates for CVB Financial’s FY2025 earnings at $1.35 EPS.

A number of other research analysts have also recently weighed in on the company. Wedbush reduced their target price on CVB Financial from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Keefe, Bruyette & Woods upgraded CVB Financial from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $20.00 to $22.00 in a research note on Wednesday. Finally, Stephens upped their price target on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.25.

CVB Financial Stock Down 0.1 %

Shares of NASDAQ CVBF opened at $18.05 on Friday. The stock has a market capitalization of $2.52 billion, a PE ratio of 11.88 and a beta of 0.45. The firm has a fifty day moving average of $17.67 and a 200-day moving average of $17.27. CVB Financial has a 52-week low of $14.62 and a 52-week high of $21.77.

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

Institutional Investors Weigh In On CVB Financial

Several institutional investors and hedge funds have recently modified their holdings of CVBF. CIBC Asset Management Inc purchased a new stake in shares of CVB Financial in the fourth quarter worth about $268,000. Rafferty Asset Management LLC boosted its position in shares of CVB Financial by 27.8% in the fourth quarter. Rafferty Asset Management LLC now owns 214,850 shares of the financial services provider’s stock worth $4,338,000 after buying an additional 46,692 shares during the period. Public Employees Retirement Association of Colorado boosted its position in shares of CVB Financial by 368.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 721,112 shares of the financial services provider’s stock worth $14,559,000 after buying an additional 567,321 shares during the period. Schroder Investment Management Group boosted its position in shares of CVB Financial by 12.5% in the fourth quarter. Schroder Investment Management Group now owns 863,044 shares of the financial services provider’s stock worth $17,425,000 after buying an additional 95,970 shares during the period. Finally, Woodward Diversified Capital LLC purchased a new stake in shares of CVB Financial in the fourth quarter worth about $392,000. Hedge funds and other institutional investors own 74.18% of the company’s stock.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 14th. Stockholders of record on Monday, September 30th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.43%. The ex-dividend date of this dividend is Monday, September 30th. CVB Financial’s payout ratio is 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.