CVB Financial Corp. (NASDAQ:CVBF) Expected to Post Q3 2024 Earnings of $0.35 Per Share

CVB Financial Corp. (NASDAQ:CVBF) – Analysts at DA Davidson issued their Q3 2024 earnings per share estimates for CVB Financial in a research report issued to clients and investors on Friday, July 26th. DA Davidson analyst G. Tenner expects that the financial services provider will earn $0.35 per share for the quarter. 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 $1.41 EPS.

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

A number of other research analysts have also recently commented on CVBF. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $20.00 target price (up previously from $19.00) on shares of CVB Financial in a research note on Friday, July 26th. Stephens increased their price objective 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. Janney Montgomery Scott cut CVB Financial from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 22nd. Hovde Group cut CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price objective on the stock. in a research note on Monday, April 22nd. Finally, Wedbush increased their price objective on CVB Financial from $18.00 to $21.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat.com, CVB Financial presently has an average rating of “Hold” and an average price target of $20.00.

CVB Financial Stock Performance

CVBF opened at $19.15 on Monday. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 12.60 and a beta of 0.47. The stock’s 50 day moving average price is $17.26 and its 200-day moving average price is $17.24. CVB Financial has a one year low of $14.62 and a one year high of $21.77.

Hedge Funds Weigh In On CVB Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in shares of CVB Financial by 832.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,574 shares during the last quarter. Strs Ohio purchased a new position in shares of CVB Financial during the 4th quarter valued at about $36,000. Innealta Capital LLC purchased a new position in shares of CVB Financial during the 2nd quarter valued at about $38,000. GAMMA Investing LLC purchased a new position in shares of CVB Financial during the 4th quarter valued at about $102,000. Finally, Headlands Technologies LLC purchased a new position in shares of CVB Financial during the 4th quarter valued at about $122,000. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Insider Buying and Selling at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. acquired 34,200 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was purchased at an average price of $15.99 per share, for a total transaction of $546,858.00. Following the acquisition, the director now owns 660,511 shares in the company, valued at approximately $10,561,570.89. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director George A. Borba, Jr. bought 34,200 shares of CVB Financial stock in a transaction that occurred on Friday, June 14th. The stock was bought at an average price of $15.99 per share, for a total transaction of $546,858.00. Following the purchase, the director now directly owns 660,511 shares of the company’s stock, valued at approximately $10,561,570.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director George A. Borba, Jr. bought 4,610 shares of CVB Financial stock in a transaction that occurred on Monday, June 17th. The stock was purchased at an average price of $16.00 per share, with a total value of $73,760.00. Following the purchase, the director now directly owns 665,121 shares in the company, valued at $10,641,936. The disclosure for this purchase can be found here. Insiders own 6.00% of the company’s stock.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, July 11th. This represents a $0.80 annualized dividend and a yield of 4.18%. CVB Financial’s dividend payout ratio (DPR) is presently 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.