Bank of New York Mellon Corp Takes $38.07 Million Position in CVB Financial Corporation $CVBF

Key Points

• Bank of New York Mellon acquired 1.69 million CVB Financial shares worth approximately $38.1 million, giving it a 0.96% stake. Institutional investors collectively own 74.18% of the company.
• CVB Financial reported quarterly EPS of $0.29, below the $0.30 consensus estimate, while revenue of $179.4 million also fell short of expectations. Analysts still rate the stock a “Moderate Buy,” with an average price target of $26.25 versus a recent price of $22.19.
• The company maintains a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 3.6% yield.

Bank of New York Mellon Corp purchased a new stake in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,688,074 shares of the financial services provider's stock, valued at approximately $38,066,000. Bank of New York Mellon Corp owned approximately 0.96% of CVB Financial at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Louisiana State Employees Retirement System acquired a new position in CVB Financial in the first quarter valued at $1,096,000. Bessemer Group Inc. boosted its stake in CVB Financial by 34.1% in the 1st quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider's stock worth $28,439,000 after buying an additional 372,732 shares during the last quarter. Bank of America Corp DE grew its holdings in CVB Financial by 28.1% in the 1st quarter. Bank of America Corp DE now owns 925,555 shares of the financial services provider's stock valued at $17,947,000 after buying an additional 202,857 shares during the period. Bernzott Capital Advisors purchased a new stake in CVB Financial in the 1st quarter valued at about $8,054,000. Finally, UBS Group AG increased its stake in shares of CVB Financial by 25.2% during the 4th quarter. UBS Group AG now owns 161,339 shares of the financial services provider's stock valued at $3,001,000 after acquiring an additional 32,499 shares during the last quarter. 74.18% of the stock is owned by institutional investors.

CVB Financial Price Performance

Shares of CVBF stock opened at $22.19 on Friday. The firm has a fifty day moving average of $22.58 and a two-hundred day moving average of $20.93. The firm has a market cap of $3.91 billion, a P/E ratio of 15.30 and a beta of 0.65. CVB Financial Corporation has a 1-year low of $17.94 and a 1-year high of $23.41. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.77 and a quick ratio of 0.77.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. The firm had revenue of $179.43 million for the quarter, compared to analyst estimates of $184.62 million. During the same period in the prior year, the company posted $0.36 earnings per share. As a group, research analysts anticipate that CVB Financial Corporation will post 1.72 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 23rd. Investors of record on Thursday, July 9th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Thursday, July 9th. CVB Financial's dividend payout ratio is presently 55.17%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Raymond James Financial raised shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 target price on the stock in a research report on Wednesday, July 1st. Weiss Ratings raised shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 24th. Piper Sandler increased their price target on shares of CVB Financial from $27.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. DA Davidson lifted their price target on shares of CVB Financial from $22.50 to $25.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Finally, Wall Street Zen raised shares of CVB Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, CVB Financial presently has an average rating of "Moderate Buy" and an average target price of $26.25.

Insiders Place Their Bets

In related news, Director Brien Raymond V. O. III bought 20,000 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were purchased at an average cost of $22.77 per share, with a total value of $455,400.00. Following the completion of the transaction, the director directly owned 85,780 shares of the company's stock, valued at approximately $1,953,210.60. This represents a 30.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO David C. Harvey sold 40,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total value of $917,600.00. Following the completion of the sale, the chief operating officer owned 98,149 shares in the company, valued at $2,251,538.06. The trade was a 28.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.40% of the stock is owned by corporate insiders.

CVB Financial Company Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company's core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.

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