Connor Clark & Lunn Investment Management Ltd. lessened its holdings in CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 43.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 18,424 shares of the financial services provider's stock after selling 14,021 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in CVB Financial were worth $340,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the business. Headlands Technologies LLC purchased a new stake in shares of CVB Financial in the 1st quarter worth approximately $163,000. Charles Schwab Investment Management Inc. lifted its position in shares of CVB Financial by 4.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,396,677 shares of the financial services provider's stock worth $99,623,000 after purchasing an additional 240,159 shares during the period. US Bancorp DE lifted its position in shares of CVB Financial by 69.2% in the 1st quarter. US Bancorp DE now owns 44,634 shares of the financial services provider's stock worth $824,000 after purchasing an additional 18,249 shares during the period. Momentous Wealth Management Inc. purchased a new stake in shares of CVB Financial in the 1st quarter worth approximately $2,169,000. Finally, Natixis Advisors LLC raised its stake in shares of CVB Financial by 58.1% during the 1st quarter. Natixis Advisors LLC now owns 47,547 shares of the financial services provider's stock worth $878,000 after acquiring an additional 17,476 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company's stock.
CVB Financial Trading Down 0.3%
Shares of NASDAQ CVBF traded down $0.0650 during midday trading on Monday, reaching $20.2150. The company had a trading volume of 20,224 shares, compared to its average volume of 782,291. The business's 50-day simple moving average is $19.71 and its 200 day simple moving average is $19.17. The stock has a market cap of $2.79 billion, a P/E ratio of 13.92 and a beta of 0.69. CVB Financial Corporation has a 1 year low of $16.01 and a 1 year high of $24.58.
CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. The business had revenue of $126.35 million during the quarter, compared to analysts' expectations of $127.95 million. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%. During the same quarter last year, the company posted $0.36 earnings per share. Analysts predict that CVB Financial Corporation will post 1.41 earnings per share for the current year.
CVB Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.0%. CVB Financial's dividend payout ratio (DPR) is currently 55.17%.
Insider Activity
In related news, Director George A. Borba, Jr. purchased 53,567 shares of the firm's stock in a transaction on Monday, August 4th. The stock was acquired at an average price of $18.67 per share, with a total value of $1,000,095.89. Following the completion of the acquisition, the director owned 718,688 shares in the company, valued at approximately $13,417,904.96. This represents a 8.05% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 6.10% of the company's stock.
Analyst Ratings Changes
CVBF has been the subject of a number of analyst reports. Keefe, Bruyette & Woods decreased their target price on shares of CVB Financial from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. Piper Sandler increased their target price on shares of CVB Financial from $24.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $23.25.
Get Our Latest Research Report on CVBF
CVB Financial Company Profile
(
Free Report)
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.
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