$123.60 Million in Sales Expected for CVB Financial Corp. (NASDAQ:CVBF) This Quarter

Wall Street brokerages expect CVB Financial Corp. (NASDAQ:CVBF) to report $123.60 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for CVB Financial’s earnings, with the highest sales estimate coming in at $125.60 million and the lowest estimate coming in at $122.70 million. CVB Financial posted sales of $102.93 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 20.1%. The company is scheduled to issue its next earnings results on Wednesday, October 23rd.

On average, analysts expect that CVB Financial will report full-year sales of $494.88 million for the current fiscal year, with estimates ranging from $490.10 million to $501.30 million. For the next financial year, analysts anticipate that the firm will report sales of $497.46 million, with estimates ranging from $485.90 million to $507.40 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow CVB Financial.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. The business had revenue of $129.26 million for the quarter, compared to the consensus estimate of $121.72 million. CVB Financial had a return on equity of 10.02% and a net margin of 37.43%. During the same quarter in the previous year, the business earned $0.32 earnings per share.

A number of brokerages have weighed in on CVBF. Zacks Investment Research raised CVB Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. BidaskClub upgraded CVB Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday. Janney Montgomery Scott cut CVB Financial from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a research note on Friday, July 19th. ValuEngine cut CVB Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, FIG Partners cut CVB Financial from an “outperform” rating to a “market-perform” rating in a research note on Thursday, April 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $24.25.

NASDAQ CVBF traded down $0.26 during trading on Friday, reaching $20.38. 17,397 shares of the company’s stock were exchanged, compared to its average volume of 692,244. The firm’s 50 day simple moving average is $21.05. The firm has a market capitalization of $2.85 billion, a PE ratio of 16.43, a P/E/G ratio of 1.48 and a beta of 1.07. The company has a quick ratio of 0.85, a current ratio of 0.84 and a debt-to-equity ratio of 0.01. CVB Financial has a fifty-two week low of $19.21 and a fifty-two week high of $24.97.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Wednesday, July 3rd were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, July 2nd. This represents a $0.72 annualized dividend and a dividend yield of 3.53%. CVB Financial’s dividend payout ratio (DPR) is presently 58.06%.

In other news, CEO Christopher D. Myers sold 4,600 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $22.04, for a total transaction of $101,384.00. Following the completion of the transaction, the chief executive officer now directly owns 229,557 shares in the company, valued at $5,059,436.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.50% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Municipal Employees Retirement System of Michigan increased its holdings in CVB Financial by 1.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 30,560 shares of the financial services provider’s stock valued at $643,000 after purchasing an additional 530 shares during the period. Oregon Public Employees Retirement Fund boosted its position in CVB Financial by 1.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 40,375 shares of the financial services provider’s stock valued at $849,000 after acquiring an additional 700 shares during the last quarter. Arizona State Retirement System boosted its position in CVB Financial by 0.6% during the second quarter. Arizona State Retirement System now owns 158,548 shares of the financial services provider’s stock valued at $3,334,000 after acquiring an additional 921 shares during the last quarter. Mason Street Advisors LLC boosted its position in CVB Financial by 3.1% during the first quarter. Mason Street Advisors LLC now owns 32,816 shares of the financial services provider’s stock valued at $691,000 after acquiring an additional 1,002 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in CVB Financial by 0.4% during the first quarter. Rhumbline Advisers now owns 345,764 shares of the financial services provider’s stock valued at $7,278,000 after acquiring an additional 1,434 shares during the last quarter. Institutional investors and hedge funds own 63.54% of the company’s stock.

About CVB Financial

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking and financial products and services. The company offers checking, savings, and money market accounts, as well as time certificates of deposit; and serves as a federal tax depository for business customers.

See Also: Real Estate Investment Trust (REIT) ETF

Get a free copy of the Zacks research report on CVB Financial (CVBF)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for CVB Financial (NASDAQ:CVBF)

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.