CVB Financial Co. (NASDAQ:CVBF) – Analysts at Piper Jaffray lowered their FY2018 earnings per share (EPS) estimates for shares of CVB Financial in a research report issued to clients and investors on Friday, April 20th. Piper Jaffray analyst M. Clark now anticipates that the financial services provider will post earnings of $1.27 per share for the year, down from their prior forecast of $1.28.
CVBF has been the topic of several other reports. Zacks Investment Research upgraded shares of CVB Financial from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Thursday, April 5th. Sandler O’Neill reiterated a “hold” rating and issued a $24.00 target price on shares of CVB Financial in a report on Thursday, January 4th. BidaskClub lowered shares of CVB Financial from a “hold” rating to a “sell” rating in a report on Tuesday, January 9th. Hovde Group set a $25.00 target price on shares of CVB Financial and gave the company a “hold” rating in a report on Wednesday, February 28th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $26.00 target price on shares of CVB Financial in a report on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $24.00.
CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, April 18th. The financial services provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.02. The company had revenue of $83.44 million for the quarter, compared to analyst estimates of $82.03 million. CVB Financial had a net margin of 32.71% and a return on equity of 11.61%. During the same period in the previous year, the business posted $0.26 EPS.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 19th. Stockholders of record on Thursday, April 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, April 4th. This represents a $0.56 annualized dividend and a dividend yield of 2.46%. CVB Financial’s dividend payout ratio is currently 52.34%.
In other news, CEO Christopher D. Myers sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 8th. The shares were sold at an average price of $23.85, for a total value of $477,000.00. Following the transaction, the chief executive officer now directly owns 327,336 shares in the company, valued at approximately $7,806,963.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.90% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Louisiana State Employees Retirement System lifted its holdings in shares of CVB Financial by 6.3% in the 4th quarter. Louisiana State Employees Retirement System now owns 44,100 shares of the financial services provider’s stock worth $1,039,000 after acquiring an additional 2,600 shares during the last quarter. Swiss National Bank lifted its holdings in shares of CVB Financial by 2.2% in the 4th quarter. Swiss National Bank now owns 176,400 shares of the financial services provider’s stock worth $4,156,000 after acquiring an additional 3,800 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of CVB Financial by 17.2% in the 4th quarter. Millennium Management LLC now owns 26,222 shares of the financial services provider’s stock worth $618,000 after acquiring an additional 3,852 shares during the last quarter. Teachers Advisors LLC lifted its holdings in shares of CVB Financial by 2.9% in the 4th quarter. Teachers Advisors LLC now owns 190,318 shares of the financial services provider’s stock worth $4,484,000 after acquiring an additional 5,354 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of CVB Financial by 4.6% in the 4th quarter. California Public Employees Retirement System now owns 137,156 shares of the financial services provider’s stock worth $3,231,000 after acquiring an additional 5,984 shares during the last quarter. Hedge funds and other institutional investors own 69.88% of the company’s stock.
WARNING: “FY2018 EPS Estimates for CVB Financial Co. (CVBF) Cut by Piper Jaffray” was originally published by Week Herald and is the property of of Week Herald. If you are accessing this article on another domain, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this article can be accessed at https://weekherald.com/2018/04/25/fy2018-eps-estimates-for-cvb-financial-co-cvbf-cut-by-piper-jaffray.html.
CVB Financial Company Profile
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.
Receive News & Ratings for CVB Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVB Financial and related companies with MarketBeat.com's FREE daily email newsletter.