CVB Financial (NASDAQ:CVBF) Posts Earnings Results, Hits Expectations

CVB Financial (NASDAQ:CVBF) posted its earnings results on Wednesday. The financial services provider reported $0.40 earnings per share for the quarter, meeting the consensus estimate of $0.40, Zacks reports. CVB Financial had a return on equity of 9.18% and a net margin of 31.95%.

CVB Financial Price Performance

CVBF traded up $1.04 during trading on Wednesday, reaching $20.80. 1,516,678 shares of the stock were exchanged, compared to its average volume of 1,355,152. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 14.25 and a beta of 0.68. CVB Financial has a 1 year low of $16.01 and a 1 year high of $21.41. The business’s 50 day moving average price is $19.45 and its two-hundred day moving average price is $19.48.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 13th. Stockholders of record on Monday, December 29th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $0.80 annualized dividend and a dividend yield of 3.8%. CVB Financial’s payout ratio is 54.79%.

Insider Buying and Selling

In other news, Director George A. Borba, Jr. purchased 27,094 shares of the stock in a transaction dated Friday, November 14th. The stock was acquired at an average cost of $18.45 per share, for a total transaction of $499,884.30. Following the completion of the acquisition, the director directly owned 745,782 shares in the company, valued at $13,759,677.90. This represents a 3.77% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.10% of the company’s stock.

Institutional Trading of CVB Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership purchased a new position in shares of CVB Financial in the 2nd quarter worth $5,636,000. Jane Street Group LLC purchased a new position in shares of CVB Financial in the 1st quarter worth about $4,461,000. Citadel Advisors LLC lifted its stake in shares of CVB Financial by 866.6% in the 3rd quarter. Citadel Advisors LLC now owns 228,122 shares of the financial services provider’s stock valued at $4,314,000 after purchasing an additional 204,522 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of CVB Financial by 38.7% in the 3rd quarter. Two Sigma Investments LP now owns 688,341 shares of the financial services provider’s stock valued at $13,017,000 after purchasing an additional 192,184 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of CVB Financial by 32.0% during the 2nd quarter. First Trust Advisors LP now owns 419,767 shares of the financial services provider’s stock worth $8,307,000 after purchasing an additional 101,739 shares during the period. 74.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVBF has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CVB Financial in a report on Monday, December 29th. Wall Street Zen lowered shares of CVB Financial from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Finally, DA Davidson increased their target price on shares of CVB Financial from $21.00 to $22.50 and gave the stock a “neutral” rating in a research note on Friday, December 19th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $23.88.

CVB Financial Company Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.