Wedbush Weighs in on CVB Financial Corp.’s Q2 2024 Earnings (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF) – Research analysts at Wedbush lifted their Q2 2024 EPS estimates for shares of CVB Financial in a research note issued on Monday, June 24th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $0.35 per share for the quarter, up from their prior estimate of $0.34. Wedbush currently has a “Neutral” rating and a $19.00 price target on the stock. The consensus estimate for CVB Financial’s current full-year earnings is $1.41 per share. Wedbush also issued estimates for CVB Financial’s FY2024 earnings at $1.44 EPS.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. The company had revenue of $126.57 million for the quarter, compared to analysts’ expectations of $127.46 million. During the same quarter in the previous year, the company earned $0.42 EPS. CVB Financial’s revenue for the quarter was down 8.9% on a year-over-year basis.

CVBF has been the topic of a number of other reports. Hovde Group downgraded shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price target on the stock. in a report on Monday, April 22nd. Keefe, Bruyette & Woods reduced their price target on shares of CVB Financial from $20.00 to $19.00 and set a “market perform” rating on the stock in a report on Friday, April 26th. Janney Montgomery Scott downgraded shares of CVB Financial from a “buy” rating to a “neutral” rating in a report on Wednesday, May 22nd. Finally, Stephens reiterated an “equal weight” rating and issued a $20.00 price target on shares of CVB Financial in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.00.

CVB Financial Stock Performance

Shares of NASDAQ CVBF opened at $16.28 on Wednesday. The company has a market cap of $2.27 billion, a P/E ratio of 10.71 and a beta of 0.46. The firm’s fifty day moving average is $16.63 and its two-hundred day moving average is $17.56. CVB Financial has a 52-week low of $12.89 and a 52-week high of $21.77.

Hedge Funds Weigh In On CVB Financial

A number of large investors have recently made changes to their positions in CVBF. Raymond James & Associates boosted its position in CVB Financial by 2.5% in the 4th quarter. Raymond James & Associates now owns 35,598 shares of the financial services provider’s stock valued at $719,000 after buying an additional 854 shares during the period. Texas Permanent School Fund Corp boosted its position in CVB Financial by 1.1% in the 1st quarter. Texas Permanent School Fund Corp now owns 115,600 shares of the financial services provider’s stock valued at $2,062,000 after buying an additional 1,299 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in CVB Financial by 1.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 114,509 shares of the financial services provider’s stock valued at $2,041,000 after buying an additional 1,396 shares during the period. Equitable Trust Co. boosted its position in CVB Financial by 6.5% in the 4th quarter. Equitable Trust Co. now owns 27,779 shares of the financial services provider’s stock valued at $561,000 after buying an additional 1,705 shares during the period. Finally, Strs Ohio purchased a new stake in CVB Financial in the 4th quarter valued at about $36,000. 74.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. bought 4,610 shares of CVB Financial stock in a transaction dated Monday, June 17th. The shares were purchased at an average cost of $16.00 per share, for a total transaction of $73,760.00. Following the acquisition, the director now directly owns 665,121 shares in the company, valued at approximately $10,641,936. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director George A. Borba, Jr. purchased 34,200 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $15.99 per share, with a total value of $546,858.00. Following the purchase, the director now owns 660,511 shares in the company, valued at $10,561,570.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George A. Borba, Jr. purchased 4,610 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were purchased at an average cost of $16.00 per share, with a total value of $73,760.00. Following the completion of the purchase, the director now owns 665,121 shares in the company, valued at approximately $10,641,936. The disclosure for this purchase can be found here. Insiders have acquired a total of 39,910 shares of company stock worth $638,669 in the last three months. Insiders own 6.00% of the company’s stock.

About CVB Financial

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.