Brokerages predict that CVB Financial Corp. (NASDAQ:CVBF) will post $121.72 million in sales for the current quarter, according to Zacks. Five analysts have provided estimates for CVB Financial’s earnings, with the lowest sales estimate coming in at $120.70 million and the highest estimate coming in at $122.70 million. CVB Financial posted sales of $82.38 million in the same quarter last year, which suggests a positive year-over-year growth rate of 47.8%. The firm is expected to report its next earnings results after the market closes on Wednesday, July 24th.
According to Zacks, analysts expect that CVB Financial will report full year sales of $491.84 million for the current financial year, with estimates ranging from $490.10 million to $495.60 million. For the next year, analysts anticipate that the company will report sales of $504.28 million, with estimates ranging from $490.00 million to $511.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow CVB Financial.
CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.03. CVB Financial had a return on equity of 10.16% and a net margin of 37.39%. The company had revenue of $125.84 million during the quarter, compared to the consensus estimate of $121.24 million. During the same quarter last year, the firm earned $0.32 earnings per share.
A number of research firms recently commented on CVBF. FIG Partners reaffirmed an “outperform” rating on shares of SmartFinancial in a research note on Thursday, April 25th. Zacks Investment Research raised Flagstar Bancorp from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Monday, July 8th. Finally, BidaskClub downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. CVB Financial currently has an average rating of “Hold” and a consensus target price of $24.90.
CVBF stock traded down $0.14 during midday trading on Friday, reaching $20.64. The company had a trading volume of 460,552 shares, compared to its average volume of 478,539. The stock has a market capitalization of $2.89 billion, a P/E ratio of 16.65, a price-to-earnings-growth ratio of 1.47 and a beta of 1.07. The company’s 50 day simple moving average is $21.05. CVB Financial has a 1-year low of $19.21 and a 1-year high of $24.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.85 and a quick ratio of 0.85.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 3rd will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Tuesday, July 2nd. CVB Financial’s dividend payout ratio (DPR) is presently 58.06%.
In other CVB Financial news, Director Anna Kan sold 4,660 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $21.74, for a total transaction of $101,308.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher D. Myers sold 50,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $22.05, for a total value of $1,102,500.00. Following the transaction, the chief executive officer now directly owns 234,157 shares of the company’s stock, valued at approximately $5,163,161.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 147,660 shares of company stock valued at $3,228,758. 5.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Ellis Investment Partners LLC acquired a new position in CVB Financial during the first quarter worth about $56,000. PNC Financial Services Group Inc. raised its stake in CVB Financial by 21.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,390 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 601 shares in the last quarter. CWM Advisors LLC acquired a new position in CVB Financial during the second quarter worth about $212,000. Everence Capital Management Inc. acquired a new position in CVB Financial during the first quarter worth about $290,000. Finally, Sciencast Management LP acquired a new position in CVB Financial during the first quarter worth about $378,000. 63.83% of the stock is owned by hedge funds and other institutional investors.
About CVB Financial
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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