Q2 2024 EPS Estimates for CVB Financial Corp. Lowered by Analyst (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF) – Wedbush cut their Q2 2024 earnings estimates for CVB Financial in a research report issued on Thursday, April 25th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings of $0.34 per share for the quarter, down from their previous forecast of $0.38. Wedbush has a “Neutral” rating and a $19.00 price objective on the stock. The consensus estimate for CVB Financial’s current full-year earnings is $1.43 per share. Wedbush also issued estimates for CVB Financial’s Q3 2024 earnings at $0.37 EPS, Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $1.43 EPS, Q1 2025 earnings at $0.37 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.40 EPS and Q4 2025 earnings at $0.40 EPS.

Several other brokerages also recently weighed in on CVBF. StockNews.com upgraded shares of CVB Financial to a “sell” rating in a research note on Friday, January 5th. Keefe, Bruyette & Woods decreased their target price on shares of CVB Financial from $22.00 to $20.00 and set a “market perform” rating for the company in a research note on Friday, January 26th. Hovde Group downgraded shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 target price for the company. in a research note on Monday. Finally, Stephens reiterated an “equal weight” rating and set a $20.00 price objective on shares of CVB Financial in a research note on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, CVB Financial has a consensus rating of “Hold” and a consensus price target of $19.25.

CVB Financial Trading Down 3.4 %

Shares of CVBF stock opened at $16.51 on Friday. The company has a market capitalization of $2.31 billion, a PE ratio of 10.86 and a beta of 0.46. The firm has a fifty day simple moving average of $17.00 and a 200-day simple moving average of $17.69. CVB Financial has a twelve month low of $10.66 and a twelve month high of $21.77.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. The company had revenue of $126.57 million during the quarter, compared to the consensus estimate of $127.46 million. CVB Financial had a net margin of 30.93% and a return on equity of 10.94%. CVB Financial’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 earnings per share.

Hedge Funds Weigh In On CVB Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its position in CVB Financial by 6.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,594,323 shares of the financial services provider’s stock valued at $59,558,000 after buying an additional 213,038 shares in the last quarter. Equitable Trust Co. boosted its position in shares of CVB Financial by 8.3% during the 3rd quarter. Equitable Trust Co. now owns 26,074 shares of the financial services provider’s stock valued at $432,000 after purchasing an additional 1,994 shares in the last quarter. Illinois Municipal Retirement Fund bought a new position in shares of CVB Financial during the 3rd quarter valued at about $1,243,000. Victory Capital Management Inc. boosted its position in shares of CVB Financial by 904.1% during the 3rd quarter. Victory Capital Management Inc. now owns 416,953 shares of the financial services provider’s stock valued at $6,909,000 after purchasing an additional 375,426 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its position in shares of CVB Financial by 3.3% during the 3rd quarter. GSA Capital Partners LLP now owns 96,122 shares of the financial services provider’s stock valued at $1,593,000 after purchasing an additional 3,112 shares in the last quarter. Institutional investors own 74.18% of the company’s stock.

Insiders Place Their Bets

In other news, CFO E Allen Nicholson acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $16.77 per share, with a total value of $33,540.00. Following the acquisition, the chief financial officer now directly owns 92,310 shares in the company, valued at $1,548,038.70. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO E Allen Nicholson acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $16.77 per share, with a total value of $33,540.00. Following the acquisition, the chief financial officer now directly owns 92,310 shares in the company, valued at $1,548,038.70. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director George A. Borba, Jr. bought 59,601 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was bought at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the transaction, the director now directly owns 626,311 shares in the company, valued at $10,509,498.58. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 63,601 shares of company stock valued at $1,067,145. Company insiders own 6.00% of the company’s stock.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Wednesday, April 3rd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.85%. CVB Financial’s dividend payout ratio (DPR) is 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.