DA Davidson Weighs in on CVB Financial Corp.’s FY2024 Earnings (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF) – Analysts at DA Davidson reduced their FY2024 earnings estimates for CVB Financial in a research note issued to investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the financial services provider will earn $1.45 per share for the year, down from their prior estimate of $1.49. The consensus estimate for CVB Financial’s current full-year earnings is $1.49 per share. DA Davidson also issued estimates for CVB Financial’s FY2025 earnings at $1.50 EPS.

CVBF has been the subject of a number of other research reports. Keefe, Bruyette & Woods lowered their price objective on shares of CVB Financial from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Friday, January 26th. Wedbush lowered their price objective on shares of CVB Financial from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. Finally, StockNews.com raised shares of CVB Financial to a “sell” rating in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $20.67.

CVB Financial Stock Performance

CVBF opened at $15.85 on Thursday. The company has a 50-day moving average of $17.07 and a 200-day moving average of $17.68. The company has a market capitalization of $2.21 billion, a P/E ratio of 9.97 and a beta of 0.46. CVB Financial has a 1-year low of $10.66 and a 1-year high of $21.77.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $138.52 million during the quarter, compared to the consensus estimate of $134.88 million. CVB Financial had a net margin of 33.26% and a return on equity of 11.50%.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Wednesday, April 3rd were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date of this dividend was Tuesday, April 2nd. CVB Financial’s payout ratio is 50.31%.

Insider Buying and Selling at CVB Financial

In related news, Director George A. Borba, Jr. purchased 59,601 shares of CVB Financial stock in a transaction dated Tuesday, February 6th. The stock was bought at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the purchase, the director now owns 626,311 shares in the company, valued at approximately $10,509,498.58. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In other CVB Financial news, CEO David A. Brager bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was acquired at an average cost of $16.75 per share, with a total value of $33,500.00. Following the completion of the purchase, the chief executive officer now directly owns 152,814 shares in the company, valued at $2,559,634.50. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director George A. Borba, Jr. bought 59,601 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were acquired at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the purchase, the director now owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The disclosure for this purchase can be found here. Insiders bought 63,601 shares of company stock valued at $1,067,145 in the last ninety days. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On CVB Financial

Large investors have recently made changes to their positions in the company. Morgan Stanley increased its stake in CVB Financial by 172.4% in the 4th quarter. Morgan Stanley now owns 3,718,134 shares of the financial services provider’s stock valued at $95,742,000 after buying an additional 2,353,360 shares during the period. Goldman Sachs Group Inc. increased its stake in CVB Financial by 104.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock valued at $78,694,000 after buying an additional 1,994,369 shares during the period. State Street Corp increased its stake in CVB Financial by 29.9% in the 2nd quarter. State Street Corp now owns 8,084,109 shares of the financial services provider’s stock valued at $107,357,000 after buying an additional 1,861,050 shares during the period. BlackRock Inc. grew its position in CVB Financial by 7.7% in the first quarter. BlackRock Inc. now owns 20,822,280 shares of the financial services provider’s stock worth $483,284,000 after acquiring an additional 1,487,960 shares in the last quarter. Finally, Norges Bank bought a new stake in CVB Financial in the fourth quarter worth approximately $29,134,000. Institutional investors and hedge funds own 74.18% of the company’s stock.

CVB Financial Company Profile

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.