Bank of America Corp DE Buys New Position in CVB Financial Corporation $CVBF

Key Points

• Bank of America acquired 926,021 shares of CVB Financial in the second quarter, worth approximately $20.9 million and representing about 0.53% of the company. Institutional investors collectively own 74.18% of CVBF.
• Analyst sentiment improved, with multiple firms upgrading the stock; CVB Financial now has a “Moderate Buy” consensus and an average price target of $26.25.
• CVBF shares opened at $22.01, while the company reported quarterly EPS of $0.29—slightly below estimates—and announced a quarterly dividend of $0.20, yielding approximately 3.6% annually.

Bank of America Corp DE bought a new stake in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 926,021 shares of the financial services provider's stock, valued at approximately $20,882,000. Bank of America Corp DE owned about 0.53% of CVB Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CVBF. ProShare Advisors LLC lifted its position in shares of CVB Financial by 2.1% during the 4th quarter. ProShare Advisors LLC now owns 25,393 shares of the financial services provider's stock valued at $472,000 after buying an additional 521 shares in the last quarter. Savant Capital LLC raised its stake in CVB Financial by 6.1% during the 4th quarter. Savant Capital LLC now owns 11,342 shares of the financial services provider's stock worth $211,000 after acquiring an additional 653 shares during the period. EverSource Wealth Advisors LLC raised its stake in CVB Financial by 40.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider's stock worth $47,000 after acquiring an additional 695 shares during the period. Gamco Investors INC. ET AL lifted its holdings in CVB Financial by 7.5% during the first quarter. Gamco Investors INC. ET AL now owns 10,750 shares of the financial services provider's stock valued at $208,000 after purchasing an additional 750 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in CVB Financial by 4.4% during the fourth quarter. Handelsbanken Fonder AB now owns 33,011 shares of the financial services provider's stock valued at $614,000 after purchasing an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company's stock.

Analyst Upgrades and Downgrades

CVBF has been the subject of a number of analyst reports. Weiss Ratings raised shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. Stephens raised shares of CVB Financial from an "equal weight" rating to an "overweight" rating and set a $27.00 target price for the company in a report on Thursday, August 6th. Piper Sandler increased their price target on CVB Financial from $27.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Raymond James Financial raised CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price target on the stock in a report on Wednesday, July 1st. Finally, Wall Street Zen upgraded CVB Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.25.

CVB Financial Price Performance

Shares of CVB Financial stock opened at $22.01 on Thursday. The firm has a market cap of $3.87 billion, a PE ratio of 15.18 and a beta of 0.64. The stock has a 50 day moving average of $22.59 and a 200 day moving average of $21.23. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.17. CVB Financial Corporation has a 12 month low of $17.94 and a 12 month high of $23.41.

CVB Financial (NASDAQ:CVBF - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.The business had revenue of $179.43 million during the quarter, compared to the consensus estimate of $184.62 million. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, research analysts expect that CVB Financial Corporation will post 1.74 EPS for the current fiscal year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. CVB Financial's payout ratio is 55.17%.

Insider Activity

In other CVB Financial news, COO David C. Harvey sold 40,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total transaction of $917,600.00. Following the sale, the chief operating officer directly owned 98,149 shares of the company's stock, valued at $2,251,538.06. The trade was a 28.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brien Raymond V. O. III acquired 20,000 shares of CVB Financial stock in a transaction on Tuesday, July 28th. The shares were bought at an average cost of $22.77 per share, for a total transaction of $455,400.00. Following the completion of the purchase, the director directly owned 85,780 shares of the company's stock, valued at $1,953,210.60. The trade was a 30.40% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 6.40% of the company's stock.

About CVB Financial

CVB Financial Corp. is the bank holding company for Citizens Business Bank, a commercial bank headquartered in Ontario, California. Founded in 1974, the company provides banking and financial services primarily to businesses, professionals, individuals and public-sector organizations throughout California.

Citizens Business Bank offers commercial and industrial lending, commercial real estate loans, construction financing, Small Business Administration loans, agricultural lending and consumer credit products.

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