CVB Financial Corp. (NASDAQ:CVBF) – Analysts at FIG Partners lifted their Q3 2017 earnings estimates for shares of CVB Financial Corp. in a research note issued to investors on Tuesday. FIG Partners analyst T. Coffey now forecasts that the brokerage will post earnings per share of $0.28 for the quarter, up from their previous estimate of $0.27. FIG Partners also issued estimates for CVB Financial Corp.’s Q4 2017 earnings at $0.30 EPS and FY2017 earnings at $1.11 EPS.
CVB Financial Corp. (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by $0.01. CVB Financial Corp. had a net margin of 34.99% and a return on equity of 11.07%. During the same quarter last year, the firm posted $0.25 EPS.
Several other research firms have also recently issued reports on CVBF. DA Davidson reiterated a “hold” rating and issued a $18.00 price objective on shares of CVB Financial Corp. in a research report on Monday. Zacks Investment Research upgraded CVB Financial Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday. Keefe, Bruyette & Woods increased their price objective on CVB Financial Corp. from $17.00 to $18.00 and gave the stock a “market perform” rating in a research report on Tuesday. Finally, Hovde Group began coverage on CVB Financial Corp. in a research report on Wednesday, June 22nd. They issued a “market perform” rating and a $17.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and an average target price of $18.25.
CVB Financial Corp. (NASDAQ:CVBF) traded up 0.69% on Thursday, reaching $17.49. 89,780 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $17.30 and a 200-day moving average price of $16.99. The company has a market capitalization of $1.89 billion, a PE ratio of 17.87 and a beta of 1.57. CVB Financial Corp. has a 1-year low of $14.02 and a 1-year high of $18.77.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its stake in CVB Financial Corp. by 77.2% in the second quarter. Victory Capital Management Inc. now owns 6,211 shares of the financial services provider’s stock worth $102,000 after buying an additional 2,706 shares in the last quarter. Bank of Montreal Can bought a new stake in CVB Financial Corp. during the second quarter worth approximately $123,000. BlackRock Inc. boosted its stake in CVB Financial Corp. by 121.9% in the first quarter. BlackRock Inc. now owns 7,182 shares of the financial services provider’s stock worth $126,000 after buying an additional 3,945 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management bought a new stake in CVB Financial Corp. during the second quarter worth approximately $137,000. Finally, Amalgamated Bank boosted its stake in CVB Financial Corp. by 5.4% in the second quarter. Amalgamated Bank now owns 12,018 shares of the financial services provider’s stock worth $204,000 after buying an additional 615 shares in the last quarter. Institutional investors and hedge funds own 65.42% of the company’s stock.
In other news, EVP David A. Brager sold 8,000 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $17.08, for a total value of $136,640.00. Following the completion of the transaction, the executive vice president now owns 25,113 shares in the company, valued at $428,930.04. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Christopher D. Myers sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $17.00, for a total value of $425,000.00. Following the completion of the transaction, the chief executive officer now owns 355,052 shares of the company’s stock, valued at approximately $6,035,884. The disclosure for this sale can be found here. 7.80% of the stock is owned by insiders.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Monday, October 3rd. CVB Financial Corp.’s dividend payout ratio is currently 48.98%.
About CVB Financial Corp.
CVB Financial Corp. is the bank holding company for Citizens Business Bank (the Bank). The Bank’s segments include Business Financial and Commercial Banking Centers (Centers), Treasury and Others. The Company’s all administrative and other smaller operating departments are combined into the Other segment.
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