CVB Financial Corp. (NASDAQ:CVBF – Get Rating) – Research analysts at Wedbush boosted their Q3 2023 earnings per share estimates for CVB Financial in a report issued on Wednesday, September 28th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $0.49 for the quarter, up from their prior estimate of $0.48. The consensus estimate for CVB Financial's current full-year earnings is $1.65 per share. Wedbush also issued estimates for CVB Financial's FY2024 earnings at $2.00 EPS.
Get CVB Financial alerts:Separately, StockNews.com raised shares of CVB Financial from a "sell" rating to a "hold" rating in a research note on Thursday, July 21st.
CVB Financial Stock Performance
Shares of NASDAQ:CVBF opened at $25.51 on Thursday. The company has a fifty day moving average of $26.43 and a 200-day moving average of $24.83. The company has a market capitalization of $3.57 billion, a PE ratio of 17.59 and a beta of 0.37. CVB Financial has a 52-week low of $19.00 and a 52-week high of $28.14.CVB Financial (NASDAQ:CVBF – Get Rating) last issued its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $136.61 million during the quarter, compared to analysts' expectations of $131.40 million. CVB Financial had a return on equity of 9.85% and a net margin of 40.88%. During the same period in the previous year, the company posted $0.38 earnings per share.
Institutional Investors Weigh In On CVB Financial
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of CVB Financial by 7.7% during the 1st quarter. BlackRock Inc. now owns 20,822,280 shares of the financial services provider's stock worth $483,284,000 after purchasing an additional 1,487,960 shares during the last quarter. Vanguard Group Inc. raised its position in shares of CVB Financial by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 15,296,047 shares of the financial services provider's stock valued at $355,021,000 after buying an additional 750,265 shares in the last quarter. State Street Corp raised its position in CVB Financial by 24.3% in the 1st quarter. State Street Corp now owns 7,689,996 shares of the financial services provider's stock worth $178,485,000 after purchasing an additional 1,502,666 shares during the period. Goldman Sachs Group Inc. increased its position in shares of CVB Financial by 29.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,119,949 shares of the financial services provider's stock valued at $88,208,000 after acquiring an additional 942,421 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of CVB Financial by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,216,929 shares of the financial services provider's stock valued at $74,666,000 after purchasing an additional 72,475 shares in the last quarter. Hedge funds and other institutional investors own 72.60% of the company's stock.
CVB Financial Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend is Tuesday, October 4th. This is a positive change from CVB Financial's previous quarterly dividend of $0.19. CVB Financial's dividend payout ratio is currently 52.41%.
CVB Financial Company Profile
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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.
Further Reading
- Get a free copy of the StockNews.com research report on CVB Financial (CVBF)
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