Brokerages Expect CVB Financial Corp. (NASDAQ:CVBF) Will Post Quarterly Sales of $123.60 Million

Wall Street analysts predict that CVB Financial Corp. (NASDAQ:CVBF) will report $123.60 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for CVB Financial’s earnings, with estimates ranging from $122.70 million to $125.60 million. CVB Financial posted sales of $102.93 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 20.1%. The company is expected to announce its next earnings report on Wednesday, October 23rd.

On average, analysts expect that CVB Financial will report full-year sales of $494.88 million for the current year, with estimates ranging from $490.10 million to $501.30 million. For the next financial year, analysts forecast that the company will post sales of $497.46 million, with estimates ranging from $485.90 million to $507.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for CVB Financial.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. The firm had revenue of $129.26 million during the quarter, compared to analysts’ expectations of $121.72 million. CVB Financial had a net margin of 37.43% and a return on equity of 10.02%. During the same quarter last year, the company earned $0.32 earnings per share.

A number of analysts have commented on the stock. BidaskClub raised shares of CVB Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday. Zacks Investment Research raised shares of CVB Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. ValuEngine cut shares of CVB Financial from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. FIG Partners cut shares of CVB Financial from an “outperform” rating to a “market-perform” rating in a research report on Thursday, April 25th. Finally, Janney Montgomery Scott cut shares of CVB Financial from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $24.25.

In related news, CEO Christopher D. Myers sold 4,600 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $22.04, for a total value of $101,384.00. Following the transaction, the chief executive officer now owns 229,557 shares in the company, valued at approximately $5,059,436.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 5.50% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can lifted its position in shares of CVB Financial by 135.6% during the second quarter. Bank of Montreal Can now owns 19,379 shares of the financial services provider’s stock valued at $407,000 after purchasing an additional 11,155 shares in the last quarter. Prudential Financial Inc. increased its holdings in CVB Financial by 0.7% during the second quarter. Prudential Financial Inc. now owns 167,343 shares of the financial services provider’s stock worth $3,519,000 after buying an additional 1,190 shares during the last quarter. Acadian Asset Management LLC increased its holdings in CVB Financial by 126.7% during the second quarter. Acadian Asset Management LLC now owns 119,182 shares of the financial services provider’s stock worth $2,505,000 after buying an additional 66,605 shares during the last quarter. Wells Fargo & Company MN increased its holdings in CVB Financial by 776.2% during the second quarter. Wells Fargo & Company MN now owns 912,035 shares of the financial services provider’s stock worth $19,180,000 after buying an additional 807,947 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in CVB Financial by 9.0% during the second quarter. State Board of Administration of Florida Retirement System now owns 84,533 shares of the financial services provider’s stock worth $1,778,000 after buying an additional 6,945 shares during the last quarter. Institutional investors and hedge funds own 63.54% of the company’s stock.

Shares of NASDAQ CVBF traded up $0.04 during mid-day trading on Friday, hitting $20.83. 438,175 shares of the stock were exchanged, compared to its average volume of 505,871. The firm has a market cap of $2.92 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.45 and a beta of 1.07. The firm’s fifty day moving average price is $21.01. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.84. CVB Financial has a twelve month low of $19.21 and a twelve month high of $24.97.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Wednesday, July 3rd were paid a dividend of $0.18 per share. The ex-dividend date was Tuesday, July 2nd. This represents a $0.72 annualized dividend and a dividend yield of 3.46%. CVB Financial’s dividend payout ratio is presently 58.06%.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking and financial products and services. The company offers checking, savings, and money market accounts, as well as time certificates of deposit; and serves as a federal tax depository for business customers.

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Earnings History and Estimates for CVB Financial (NASDAQ:CVBF)

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