CVB Financial Corp.
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Range $25 – $28
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About the company
CVB Financial Corp. (CVBF) serves as the parent organization for Citizens Business Bank, a state-chartered financial institution that delivers a broad spectrum of banking and financial services. The bank primarily caters to individuals and small to medium-sized businesses.
- CEO
- David A. Brager
- IPO
- 1983
- Employees
- 1,079
- HQ
- Ontario, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $3.17B
- P/E
- 14.55
- Fwd P/E
- 14.70
- PEG
- 3.54
- P/S
- 4.49
- P/B
- 0.95
- EV/EBITDA
- 10.87
- Div Yield
- 3.62%
- Gross Margin
- 80.05%
- Op Margin
- 39.23%
- Net Margin
- 29.31%
- ROE
- 8.22%
- ROIC
- 4.23%
Latest fiscal year · YoY change
- Revenue
- $643.36M-2.3%
- Gross Profit
- $513.85M+7.0%
- Op Income
- $281.69M
- Net Income
- $209.30M+4.3%
- EPS
- $1.52+5.6%
- OCF Growth
- -11.4%
- FCF Growth
- -11.2%
- 52W High
- $23.41
- 52W Low
- $17.95
- 50D MA
- $22.53
- 200D MA
- $20.88
- Beta
- 0.65
- RSI (14)
- 47
- Avg Volume
- 1.33M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
CVB Financial posted a weaker reported Q2 due to Heritage deal costs, but core earnings power, margin expansion, and loan growth improved sharply after the acquisition closed.· July 23, 2026
- Reported Q2 net income was $48.3 million, or $0.29 per share, versus $51.0 million, or $0.38, in Q1 and $50.6 million, or $0.37, a year ago.
- Pretax income was $65.0 million; excluding $31.4 million of acquisition expenses and a $4.25 million provision for unfunded commitments, pretax income would have been $100.7 million.
- Net interest income increased by $44.6 million versus Q1, helped by a 28 bp expansion in net interest margin and a larger earning-asset base after Heritage.
- Loans rose to $12.1 billion from $8.64 billion at March 31, including $3.15 billion acquired from Heritage net of sold SFR pools; deposits and customer repos rose to $16.9 billion from $12.4 billion.
- Management kept its deal thesis intact, reiterating targets of 13%+ EPS accretion in 2027, a 1.50% return on hedge assets, and a 17% return on tangible common equity.
Second-quarter 2026 net earnings were $48.3 million, or $0.29 per share, compared with $51.0 million, or $0.38 per share, in Q1 2026 and $50.6 million, or $0.37 per share, in Q2 2025. Pretax income was $65.0 million versus $68.6 million in Q1 2026; excluding $31.4 million of acquisition expense and a $4.25 million provision for unfunded commitments, pretax income would have been $100.7 million. Net interest income rose by $44.6 million sequentially, supported by a 28 basis point expansion in net interest margin. Noninterest income was $17.0 million versus $14.3 million in Q1, and noninterest expense was $114.4 million including acquisition costs. Total assets increased to $21.2 billion from $15.5 billion at March 31, largely due to the Heritage acquisition; loans were $12.1 billion versus $8.64 billion, and deposits and customer repurchase agreements were $16.9 billion versus $12.4 billion. Forward-looking, management said Q3 will still include some acquisition-related noise, though less than Q2, and Q4 should be fairly clean. Allen Nicholson said they expect to achieve 90% to 95% of the promised cost saves by the fourth quarter, with full realization by the beginning of 2027. The company reiterated its long-term deal objectives of EPS accretion of 13% or greater in 2027, a 1.50% return on hedge assets, and a 17% return on tangible common equity.
Dave Brager emphasized that the Heritage acquisition and systems conversion were executed successfully and that the combined company now has greater lending capacity and a broader platform across California. He said loan pipelines remain strong, loan demand is healthy, and the merger expands opportunities in the Bay Area and across former Heritage markets. His tone was constructive and confident, but he also acknowledged pricing pressure, rate volatility, and the need to keep focusing on credit quality.
Allen Nicholson focused on the balance sheet, funding, and capital effects of the merger. He noted that total assets rose to $21.2 billion, the acquisition brought roughly $845 million of consideration and about $450 million of intangible assets including $334 million of goodwill, and the ACL increased to $126.7 million from $80.2 million, lifting ACL/loans to 1.05% from 0.93%. He also said overall cost of funds improved slightly to 0.96% from 0.97%, tangible book value per share was $11.07, tangible common equity was 9.8%, and CET1 was 14.7%; the company repurchased 409,000 shares for $8.9 million through July 21 under a newly authorized $15 million buyback.
Analysts focused on the accretion from the merger, the pace of cost saves, margin outlook, loan growth, and capital deployment. Management said the Q2 earnings included about $2.7 million specifically tied to the merger, that Q3 will still have elevated acquisition expense but less than Q2, and that the full expense-synergy benefit will not be visible until the beginning of 2027. They also said loan pipelines remain strong despite competition and higher rates, and that they are evaluating buybacks and dividends while keeping an eye on ROAA and ROATCE.
The main bull case is that the Heritage deal appears to be integrating smoothly and is already boosting earnings power through higher earning assets, a wider net interest margin, and new revenue opportunities. Management sounded confident that loan demand, cross-sell potential, and cost synergies can support the stated 2027 accretion and return targets, while capital remains ample enough to support buybacks.
The main bear case is that Q2 results were heavily burdened by deal-related costs, and the company is still in the middle of integration, so some expense and operational noise will continue into Q3. Management also flagged intense loan pricing competition, interest-rate volatility, and a need to manage a deposit mix with a lower noninterest-bearing share than before the merger.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 94.9%
- Shares Outstanding
- 143.44M
- Float Shares
- 136.09M
of shares held by institutions
285 13F filers
Buy/sell ratio 3.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 25.69M | ▲ 6.66M |
| Vanguard Group Inc | 14.68M | ▼ 8.00K |
| State Street Corp | 10.51M | ▲ 2.55M |
| Vanguard Portfolio Management LLC | 10.16M | ▲ 2.26M |
| Dimensional Fund Advisors LP | 10.05M | ▲ 2.44M |
| Fmr LLC | 9.83M | ▲ 2.39M |
| Vanguard Capital Management LLC | 7.55M | ▲ 1.86M |
| Sixth Street Partners Management Company, L.P. | 6.38M | ▲ 6.38M |
| Charles Schwab Investment Management Inc | 6.38M | ▲ 1.78M |
| Geode Capital Management, LLC | 4.48M | ▲ 1.19M |
| Parallel Advisors, LLC | 3.53M | ▼ 129.21K |
| Holdco Asset Management, LP | 3.40M | ▲ 1.06M |
Held by 403 ETFs
Biggest fund positions in CVBF by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 31, 26 | Maddox Mike | buy | 10,000 |
| Aug 23, 26 | Maddox Mike | other | 3,138 |
| Aug 5, 26 | Harvey David C | sell | 40,000 |
| Jul 28, 26 | O Brien Raymond V III | buy | 20,000 |
| Jul 22, 26 | Maddox Mike | other | 0 |
| Jun 5, 26 | WOHL RICHARD H | other | 8,944 |
| Jun 1, 26 | DeAngelis Yamynn | other | 11,109 |
| May 22, 26 | Borba George A Jr | buy | 48,894 |
| May 20, 26 | Stephens Timothy Michael | other | 4,187 |
| May 20, 26 | Oswalt Hal W | other | 4,187 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CVBF coverage
Recent articles, reports, and earnings notes.
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CVB Financial Corporation (NASDAQ:CVBF) Stock Has Average Target Price of $26.25
defenseworld.net · Sep 25
CVB Financial Corp. Announces 148th Consecutive Quarterly Cash Dividend
globenewswire.com · Sep 16
CVB Financial Director Mike Maddox Buys 10,000 Shares
fool.com · Sep 5
75,869 Shares in CVB Financial Corporation $CVBF Purchased by Jupiter Topco LLC
defenseworld.net · Sep 4
CVB Financial: Northern California To Drive Growth
seekingalpha.com · Aug 29
CVB Financial (CVBF) Upgraded to Buy: Here's What You Should Know
zacks.com · Aug 25
BlackRock Inc. Purchases New Stake in CVB Financial Corporation $CVBF
defenseworld.net · Aug 24
CVB Financial Corporation $CVBF Shares Bought by Bank of America Corp DE
defenseworld.net · Aug 20
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
