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

CVB Financial (NASDAQ:CVBF) issued its earnings results on Wednesday. The financial services provider reported $0.37 earnings per share (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 for the quarter, compared to analysts’ expectations of $126.75 million. CVB Financial had a net margin of 29.58% and a return on equity of 10.41%. CVB Financial’s revenue was down 8.2% on a year-over-year basis. During the same quarter last year, the company posted $0.42 earnings per share.

CVB Financial Stock Performance

Shares of CVBF stock opened at $19.59 on Friday. The firm has a market capitalization of $2.74 billion, a PE ratio of 12.89 and a beta of 0.45. CVB Financial has a 1 year low of $14.62 and a 1 year high of $21.77. The stock has a fifty day moving average of $18.02 and a two-hundred day moving average of $17.42.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.08%. The ex-dividend date was Monday, September 30th. CVB Financial’s payout ratio is currently 52.63%.

Wall Street Analysts Forecast Growth

CVBF has been the topic of several recent research reports. Wedbush reissued a “neutral” rating and issued a $20.00 price target on shares of CVB Financial in a report on Thursday. Stephens raised their target price on CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.25.

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.