BlackRock Inc. acquired a new position in CVB Financial Corporation (NASDAQ:CVBF - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 25,688,910 shares of the financial services provider's stock, valued at approximately $579,285,000. BlackRock Inc. owned 14.56% of CVB Financial as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of CVB Financial by 28.7% during the 1st quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider's stock worth $698,000 after buying an additional 8,432 shares during the period. AQR Capital Management LLC raised its stake in shares of CVB Financial by 36.6% during the first quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider's stock worth $895,000 after buying an additional 12,992 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in CVB Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider's stock valued at $1,456,000 after buying an additional 3,442 shares during the period. Jones Financial Companies Lllp lifted its holdings in CVB Financial by 848.1% in the first quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider's stock valued at $300,000 after buying an additional 13,527 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in CVB Financial by 9.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider's stock valued at $8,458,000 after acquiring an additional 38,250 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.
CVB Financial Price Performance
Shares of NASDAQ CVBF opened at $22.57 on Monday. CVB Financial Corporation has a 52-week low of $17.94 and a 52-week high of $23.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market cap of $3.97 billion, a P/E ratio of 15.57 and a beta of 0.65. The firm has a 50 day moving average price of $22.44 and a 200 day moving average price of $20.88.
CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its 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). The firm had revenue of $179.43 million during the quarter, compared to analyst estimates of $184.62 million. CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.During the same quarter last year, the business posted $0.36 earnings per share. Analysts expect that CVB Financial Corporation will post 1.72 EPS for the current year.
CVB Financial Dividend Announcement
The firm 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 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial's dividend payout ratio (DPR) is presently 55.17%.
Insider Buying and Selling at CVB Financial
In other CVB Financial news, Director Brien Raymond V. O. III purchased 20,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was bought at an average cost of $22.77 per share, for a total transaction of $455,400.00. Following the completion of the acquisition, 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David C. Harvey sold 40,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was 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 of the company's stock, valued at $2,251,538.06. This trade represents a 28.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 6.40% of the company's stock.
Analyst Ratings Changes
A number of analysts have commented on CVBF shares. Wall Street Zen raised shares of CVB Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings upgraded CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 24th. DA Davidson raised their price target on CVB Financial from $22.50 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Piper Sandler lifted their price objective on CVB Financial from $27.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Finally, Raymond James Financial upgraded CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price objective for the company in a report on Wednesday, July 1st. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $26.25.
Get Our Latest Stock Report on CVB Financial
CVB Financial Profile
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Free Report)
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.
Further Reading
Want to see what other hedge funds are holding CVBF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CVB Financial Corporation (NASDAQ:CVBF - Free Report).
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