CVB Financial (NASDAQ:CVBF) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

CVB Financial (NASDAQ:CVBFGet Rating) released its earnings results on Wednesday. The financial services provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01, MarketWatch Earnings reports. CVB Financial had a return on equity of 10.34% and a net margin of 45.41%. The company had revenue of $124.10 million for the quarter, compared to the consensus estimate of $120.00 million. During the same quarter last year, the business posted $0.47 EPS. CVB Financial’s quarterly revenue was up 5.9% compared to the same quarter last year.

Shares of NASDAQ CVBF traded up $0.21 during mid-day trading on Wednesday, hitting $23.75. The company had a trading volume of 928,471 shares, compared to its average volume of 962,770. CVB Financial has a 12 month low of $18.72 and a 12 month high of $24.37. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of 15.13 and a beta of 0.40. The firm’s 50 day simple moving average is $23.34 and its two-hundred day simple moving average is $21.94.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 20th. Stockholders of record on Wednesday, April 6th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Tuesday, April 5th. CVB Financial’s dividend payout ratio (DPR) is presently 45.86%.

CVBF has been the topic of several research analyst reports. Zacks Investment Research cut CVB Financial from a “buy” rating to a “hold” rating in a research note on Monday, April 11th. StockNews.com initiated coverage on shares of CVB Financial in a report on Thursday, March 31st. They set a “sell” rating on the stock.

In related news, CAO Francene Lapoint sold 5,000 shares of the company’s stock in a transaction on Tuesday, February 8th. The stock was sold at an average price of $23.39, for a total transaction of $116,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of CVB Financial by 171.3% in the 2nd quarter. Royal Bank of Canada now owns 8,850 shares of the financial services provider’s stock worth $182,000 after acquiring an additional 5,588 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of CVB Financial in the third quarter valued at approximately $265,000. LPL Financial LLC acquired a new stake in shares of CVB Financial in the third quarter valued at approximately $335,000. Guggenheim Capital LLC increased its stake in shares of CVB Financial by 18.7% in the fourth quarter. Guggenheim Capital LLC now owns 28,166 shares of the financial services provider’s stock valued at $603,000 after purchasing an additional 4,442 shares during the period. Finally, Susquehanna International Group LLP increased its stake in shares of CVB Financial by 211.2% in the fourth quarter. Susquehanna International Group LLP now owns 32,671 shares of the financial services provider’s stock valued at $699,000 after purchasing an additional 22,171 shares during the period. Institutional investors and hedge funds own 71.69% of the company’s stock.

About CVB Financial (Get Rating)

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.

Further Reading

Earnings History for CVB Financial (NASDAQ:CVBF)

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