Connor Clark & Lunn Investment Management Ltd. Lowers Stake in CVB Financial Corporation $CVBF

Key Points

• Connor Clark & Lunn Investment Management Ltd. decreased its holdings in CVB Financial Corporation by 43.2% in the first quarter, now owning 18,424 shares valued at $340,000.
• Director George A. Borba, Jr. purchased 53,567 shares of CVB Financial's stock, increasing his position by 8.05%, bringing his total ownership to over 718,000 shares.
• CVB Financial reported a quarterly EPS of $0.36, beating analysts' estimates and maintaining a dividend yield of 4.1% with a payout ratio of 55.17%.

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 43.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,424 shares of the financial services provider's stock after selling 14,021 shares during the quarter. 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 institutional investors and hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in CVB Financial by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,357,405 shares of the financial services provider's stock valued at $136,116,000 after acquiring an additional 162,422 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of CVB Financial by 4.7% during 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 in the last quarter. Parallel Advisors LLC raised its position in shares of CVB Financial by 29.7% during the 1st quarter. Parallel Advisors LLC now owns 3,822,248 shares of the financial services provider's stock worth $70,559,000 after purchasing an additional 874,631 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in CVB Financial by 15.7% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,334,354 shares of the financial services provider's stock valued at $49,979,000 after buying an additional 317,418 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in CVB Financial by 21.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,806,879 shares of the financial services provider's stock valued at $33,355,000 after buying an additional 318,882 shares during the last quarter. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other CVB Financial news, Director George A. Borba, Jr. bought 53,567 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was purchased at an average cost of $18.67 per share, for a total transaction of $1,000,095.89. Following the completion of the purchase, the director owned 718,688 shares of the company's stock, valued at $13,417,904.96. This trade represents a 8.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.10% of the company's stock.

CVB Financial Stock Performance

CVB Financial stock traded down $0.24 during trading on Monday, hitting $20.03. The company's stock had a trading volume of 549,149 shares, compared to its average volume of 661,366. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 13.81 and a beta of 0.69. The stock's fifty day moving average is $19.75 and its 200 day moving average is $19.17. 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 released its earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.35 by $0.01. The firm had revenue of $126.35 million during the quarter, compared to analyst estimates of $127.95 million. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%.During the same period in the prior year, the firm posted $0.36 earnings per share. On average, research analysts anticipate that CVB Financial Corporation will post 1.41 EPS for the current fiscal year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Thursday, July 10th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.0%. The ex-dividend date was Thursday, July 10th. CVB Financial's dividend payout ratio is presently 55.17%.

Wall Street Analysts Forecast Growth

CVBF has been the subject of a number of analyst reports. Keefe, Bruyette & Woods cut their price target on CVB Financial from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Friday, July 25th. Piper Sandler boosted their price target on CVB Financial from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, CVB Financial has a consensus rating of "Moderate Buy" and an average price target of $23.25.

CVB Financial Company 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.