Bank of America Corp DE Cuts Stock Position in CVB Financial Corp. (NASDAQ:CVBF)

Bank of America Corp DE decreased its position in shares of CVB Financial Corp. (NASDAQ:CVBF - Free Report) by 14.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 588,394 shares of the financial services provider's stock after selling 101,687 shares during the quarter. Bank of America Corp DE owned 0.42% of CVB Financial worth $12,598,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nomura Asset Management Co. Ltd. increased its stake in shares of CVB Financial by 80.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider's stock valued at $35,000 after buying an additional 720 shares during the period. Hopwood Financial Services Inc. acquired a new stake in CVB Financial during the 4th quarter valued at approximately $53,000. Sterling Capital Management LLC increased its position in CVB Financial by 815.6% during the 4th quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider's stock valued at $89,000 after purchasing an additional 3,719 shares during the period. Smartleaf Asset Management LLC increased its position in CVB Financial by 144.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider's stock valued at $95,000 after purchasing an additional 2,597 shares during the period. Finally, KBC Group NV increased its position in CVB Financial by 35.0% during the 4th quarter. KBC Group NV now owns 6,005 shares of the financial services provider's stock valued at $129,000 after purchasing an additional 1,556 shares during the period. Institutional investors own 74.18% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler reduced their price objective on shares of CVB Financial from $25.00 to $24.00 and set an "overweight" rating for the company in a research report on Monday, April 28th.

CVB Financial Price Performance

NASDAQ CVBF traded down $0.20 during trading hours on Wednesday, hitting $19.10. The company's stock had a trading volume of 49,633 shares, compared to its average volume of 806,336. CVB Financial Corp. has a 12 month low of $15.75 and a 12 month high of $24.58. The company's 50 day simple moving average is $18.45 and its two-hundred day simple moving average is $20.22. The company has a market cap of $2.63 billion, a P/E ratio of 13.28 and a beta of 0.65.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The company had revenue of $126.67 million for the quarter, compared to analysts' expectations of $124.45 million. CVB Financial had a return on equity of 9.35% and a net margin of 29.32%. During the same period in the previous year, the firm earned $0.35 EPS. As a group, research analysts predict that CVB Financial Corp. will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 16th. Shareholders of record on Wednesday, April 2nd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, April 2nd. This represents a $0.80 annualized dividend and a yield of 4.19%. CVB Financial's payout ratio is currently 55.17%.

CVB Financial Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.