Regional bank holding company CVB Financial (NASDAQ: CVBF) will be announcing earnings results this Wednesday after market hours. Here’s what you need to know.
CVB Financial missed analysts’ revenue expectations last quarter, reporting revenues of $132.1 million, up 3.9% year on year. It was a slower quarter for the company, with EPS in line with analysts’ estimates and net interest income in line with analysts’ estimates.
Is CVB Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting CVB Financial’s revenue to grow 45.4% year on year, improving from its flat revenue in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. CVB Financial has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at CVB Financial’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. M&T Bank delivered year-on-year revenue growth of 4.7%, beating analysts’ expectations by 1.8%, and Commerce Bancshares reported revenues up 11.9%, topping estimates by 1.8%. M&T Bank traded up 5% following the results while Commerce Bancshares was also up 1.7%.
Read our full analysis of M&T Bank’s results here and Commerce Bancshares’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 5.1% on average over the last month. CVB Financial is up 6.7% during the same time and is heading into earnings with an average analyst price target of $24.33 (compared to the current share price of $22.47).
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