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

CVB Financial (NASDAQ:CVBF) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. The company had revenue of $126.45 million during the quarter, compared to analysts’ expectations of $126.75 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. CVB Financial’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 EPS.

CVB Financial Stock Up 3.2 %

Shares of CVB Financial stock opened at $19.59 on Friday. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 12.89 and a beta of 0.45. CVB Financial has a twelve month low of $14.62 and a twelve month high of $21.77. The company’s fifty day moving average is $18.02 and its 200 day moving average is $17.42.

CVB Financial Announces Dividend

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

Analysts Set New Price Targets

CVBF has been the subject of several research analyst reports. Wedbush reissued a “neutral” rating and set a $20.00 target price on shares of CVB Financial in a research note on Thursday. Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Stephens boosted their target price on shares of 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 equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.25.

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.