Wedbush Adjusts FY2024 Earnings Forecast for CVB Financial

On October 24, 2024, investment analysts from Wedbush revised their earnings estimates for CVB Financial Corp. (NASDAQ: CVBF) as outlined in a report published for investors. Analyst D. Chiaverini increased the expected earnings per share (EPS) for the financial services firm from $1.40 to $1.44 for the fiscal year 2024. Wedbush has assigned a "Neutral" rating for CVB Financial and set a price target of $20.00 for the stock.

The current consensus estimate for CVB Financial’s total earnings for the fiscal year stands at $1.40 per share. In addition to the annual earnings forecast, Wedbush provided predictions for CVB Financial’s quarterly earnings in the upcoming years: they estimate $0.34 per share for Q1 2025, $0.36 for Q4 2025, $0.37 for Q1 2026, $0.38 for Q2 2026, and $0.38 for Q3 2026.

Recent Earnings Report

CVB Financial recently reported their earnings on October 23, 2024. The company revealed an EPS of $0.37 for the quarter, exceeding analysts' predictions of $0.35 by $0.02. The revenue reported was $126.45 million, slightly below the anticipated $126.75 million. Despite a net margin of 29.58% and a return on equity of 10.41%, the quarterly revenue showed an 8.2% decline compared to the previous year. During the same quarter last year, CVB Financial had posted an EPS of $0.42.

Analyst Ratings and Price Target Changes

In addition to Wedbush, several other brokerages have recently updated their assessments of CVB Financial. Keefe, Bruyette & Woods upgraded their rating from "market perform" to "outperform" and raised the target price from $20.00 to $22.00 in their report from October 2nd. Moreover, Stephens increased their target for the stock from $19.00 to $21.00, while maintaining an "equal weight" rating in a report published on July 26th. Currently, one analyst has given a sell rating, four have hold ratings, and one has a buy rating regarding the stock. Overall, CVB Financial has an average rating of "Hold" and an average price target of $20.25 based on MarketBeat data.

Stock Performance Insights

As of last Friday, CVB Financial shares opened at $19.23. The stock has a 50-day moving average of $18.12 and a 200-day moving average of $17.45. With a market capitalization of $2.69 billion, the PE ratio stands at 12.65, and the stock has a beta of 0.45. The shares have experienced a 52-week low of $15.38 and a high of $21.77 during the same period.

Institutional Investor Activities

Various institutional investors have recently adjusted their holdings in CVB Financial. Mirae Asset Global Investments Co. Ltd. raised its stake by 12.3% in the third quarter, now owning 80,891 shares valued at approximately $1,434,000 after acquiring an additional 8,835 shares. Allspring Global Investments Holdings LLC also established a new position valued at around $27,000. Other investors like Inspire Advisors LLC and AlphaMark Advisors LLC have also increased their stakes in the company, reflecting a healthy level of institutional ownership totaling 74.18% of CVB Financial’s stock.

Dividend Information

CVB Financial has recently announced a quarterly dividend, which was paid on October 14th. Shareholders who were on record as of September 30th received a dividend of $0.20 per share, translating to an annualized payout of $0.80 and a yield of 4.16%. The ex-dividend date was also September 30th, and the company's payout ratio is noted at 52.63%.

Company Overview

CVB Financial Corp. serves as the bank holding company for Citizens Business Bank, a state-chartered bank that provides comprehensive banking and financial services targeted towards small to medium-sized businesses and individuals. Their offerings include checking, savings, money market accounts, and time certificates of deposit, and they also act as a federal tax depository for their business customers.

CVBF, Earnings, Stocks