CVB Financial Co. (NASDAQ:CVBF) – Equities research analysts at Piper Jaffray reduced their FY2018 earnings per share (EPS) estimates for CVB Financial in a report issued on Friday, April 20th. Piper Jaffray analyst M. Clark now forecasts that the financial services provider will post earnings of $1.27 per share for the year, down from their prior forecast of $1.28.
Several other brokerages have also commented on CVBF. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $26.00 price target on shares of CVB Financial in a research note on Thursday, March 1st. Hovde Group set a $25.00 price target on CVB Financial and gave the company a “hold” rating in a research note on Wednesday, February 28th. Zacks Investment Research lowered CVB Financial from a “hold” rating to a “sell” rating in a research note on Monday, December 25th. Sandler O’Neill reaffirmed a “hold” rating and issued a $24.00 price target on shares of CVB Financial in a research note on Thursday, January 4th. Finally, BidaskClub raised CVB Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 19th. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $24.00.
Shares of CVB Financial stock opened at $22.58 on Monday. CVB Financial has a 52 week low of $19.58 and a 52 week high of $25.49. The firm has a market capitalization of $2,455.47, a PE ratio of 21.10, a price-to-earnings-growth ratio of 1.84 and a beta of 1.38. The company has a current ratio of 0.72, a quick ratio of 0.70 and a debt-to-equity ratio of 0.02.
CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, April 18th. The financial services provider reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.02. CVB Financial had a return on equity of 11.61% and a net margin of 32.71%. The business had revenue of $83.44 million for the quarter, compared to analyst estimates of $82.03 million. During the same quarter in the prior year, the company posted $0.26 EPS.
A number of institutional investors and hedge funds have recently bought and sold shares of CVBF. Gradient Investments LLC acquired a new position in CVB Financial during the 4th quarter worth about $172,000. Virtu Financial LLC acquired a new position in CVB Financial during the 4th quarter worth about $201,000. Trilogy Capital Inc. acquired a new position in CVB Financial during the 4th quarter worth about $210,000. Xact Kapitalforvaltning AB acquired a new position in CVB Financial during the 4th quarter worth about $299,000. Finally, Citadel Advisors LLC acquired a new position in CVB Financial during the 4th quarter worth about $357,000. 69.88% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Christopher D. Myers sold 20,000 shares of the stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $23.85, for a total transaction of $477,000.00. Following the transaction, the chief executive officer now owns 327,336 shares of the company’s stock, valued at approximately $7,806,963.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 6.90% of the stock is currently owned by corporate insiders.
The company also recently announced a quarterly dividend, which was paid on Thursday, April 19th. Investors of record on Thursday, April 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.48%. The ex-dividend date was Wednesday, April 4th. CVB Financial’s payout ratio is 52.34%.
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About CVB Financial
CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking, lending, trust, and investment services for small to mid-sized businesses and individuals. It operates in two segments, Banking Centers; and Dairy & Livestock and Agribusiness. The company offers various deposit products, including checking, savings, money market, and time certificates of deposit for business and personal accounts, as well as serves as a federal tax depository for business customers.
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