Equities Analysts Offer Predictions for CVB Financial Corp.’s Q2 2024 Earnings (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF) – Research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for CVB Financial in a research note issued on Friday, April 26th. DA Davidson analyst G. Tenner anticipates that the financial services provider will earn $0.34 per share for the quarter. The consensus estimate for CVB Financial’s current full-year earnings is $1.41 per share. DA Davidson also issued estimates for CVB Financial’s FY2024 earnings at $1.40 EPS.

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

CVBF has been the subject of several other research reports. StockNews.com raised shares of CVB Financial to a “sell” rating in a research report on Friday, January 5th. Keefe, Bruyette & Woods decreased their price target on CVB Financial from $20.00 to $19.00 and set a “market perform” rating for the company in a research note on Friday. Stephens reaffirmed an “equal weight” rating and set a $20.00 price target on shares of CVB Financial in a report on Thursday. Hovde Group downgraded CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price objective for the company. in a report on Monday, April 22nd. Finally, Wedbush reissued a “neutral” rating and issued a $19.00 target price on shares of CVB Financial in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, CVB Financial presently has a consensus rating of “Hold” and a consensus price target of $19.00.

CVB Financial Stock Performance

Shares of NASDAQ CVBF opened at $16.48 on Monday. The firm’s 50 day moving average price is $16.98 and its 200-day moving average price is $17.71. CVB Financial has a 52-week low of $10.66 and a 52-week high of $21.77. The company has a market cap of $2.30 billion, a PE ratio of 10.84 and a beta of 0.46.

CVB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Wednesday, April 3rd were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.85%. The ex-dividend date of this dividend was Tuesday, April 2nd. CVB Financial’s payout ratio is currently 52.63%.

Insider Buying and Selling

In other news, CFO E Allen Nicholson bought 2,000 shares of the stock in a transaction on Thursday, February 1st. The shares were bought at an average price of $16.77 per share, with a total value of $33,540.00. Following the completion of the acquisition, the chief financial officer now owns 92,310 shares in the company, valued at $1,548,038.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CVB Financial news, CFO E Allen Nicholson bought 2,000 shares of CVB Financial stock in a transaction on Thursday, February 1st. The stock was acquired at an average cost of $16.77 per share, with a total value of $33,540.00. Following the completion of the acquisition, the chief financial officer now owns 92,310 shares in the company, valued at $1,548,038.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George A. Borba, Jr. purchased 59,601 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was acquired at an average price of $16.78 per share, for a total transaction of $1,000,104.78. Following the completion of the transaction, the director now directly owns 626,311 shares of the company’s stock, valued at approximately $10,509,498.58. The disclosure for this purchase can be found here. Insiders bought 63,601 shares of company stock valued at $1,067,145 over the last 90 days. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On CVB Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in CVB Financial by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider’s stock worth $317,014,000 after buying an additional 176,694 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in CVB Financial by 16.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,290,055 shares of the financial services provider’s stock worth $86,619,000 after acquiring an additional 594,901 shares in the last quarter. American Century Companies Inc. increased its holdings in CVB Financial by 44.1% in the 3rd quarter. American Century Companies Inc. now owns 3,937,457 shares of the financial services provider’s stock worth $65,244,000 after acquiring an additional 1,204,090 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in CVB Financial by 104.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock worth $78,694,000 after acquiring an additional 1,994,369 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in CVB Financial by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,784,666 shares of the financial services provider’s stock valued at $76,412,000 after purchasing an additional 190,343 shares in the last quarter. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

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.