CVB Financial Corporation $CVBF Holdings Lowered by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC reduced its CVB Financial stake by 67.6% in the second quarter, selling 81,020 shares and retaining 38,862 shares valued at approximately $876,000. Institutional investors and hedge funds collectively own 74.18% of the stock.
• Analysts generally became more bullish, with Raymond James and Stephens upgrading the shares and Piper Sandler raising its target price to $28. The stock has a consensus “Moderate Buy” rating and an average price target of $26.25.
• CVB Financial reported quarterly EPS of $0.29, slightly below estimates, while revenue also missed expectations. The company declared a quarterly dividend of $0.20 per share, implying an annualized yield of about 3.5%.

Squarepoint Ops LLC cut its position in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 67.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,862 shares of the financial services provider's stock after selling 81,020 shares during the quarter. Squarepoint Ops LLC's holdings in CVB Financial were worth $876,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. ProShare Advisors LLC boosted its position in CVB Financial by 2.1% during the 4th quarter. ProShare Advisors LLC now owns 25,393 shares of the financial services provider's stock worth $472,000 after acquiring an additional 521 shares during the period. Savant Capital LLC lifted its position in shares of CVB Financial by 6.1% in the fourth quarter. Savant Capital LLC now owns 11,342 shares of the financial services provider's stock worth $211,000 after purchasing an additional 653 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of CVB Financial by 40.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider's stock worth $47,000 after purchasing an additional 695 shares during the period. Gamco Investors INC. ET AL boosted its holdings in shares of CVB Financial by 7.5% during the first quarter. Gamco Investors INC. ET AL now owns 10,750 shares of the financial services provider's stock worth $208,000 after purchasing an additional 750 shares during the period. Finally, Covestor Ltd grew its position in CVB Financial by 21.6% during the fourth quarter. Covestor Ltd now owns 7,260 shares of the financial services provider's stock valued at $135,000 after purchasing an additional 1,289 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on CVBF shares. Raymond James Financial upgraded shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 target price for the company in a research note on Wednesday, July 1st. Stephens raised shares of CVB Financial from an "equal weight" rating to an "overweight" rating and set a $27.00 price objective for the company in a research note on Thursday, August 6th. Piper Sandler increased their target price on shares of CVB Financial from $27.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Wall Street Zen upgraded shares of CVB Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Weiss Ratings upgraded shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $26.25.

Insider Buying and Selling

In other news, COO David Harvey sold 40,000 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total transaction of $917,600.00. Following the completion of the sale, the chief operating officer owned 98,149 shares in the company, valued at approximately $2,251,538.06. This trade represents a 28.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brien Raymond V. O. III acquired 20,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were purchased at an average price of $22.77 per share, for a total transaction of $455,400.00. Following the transaction, the director directly owned 85,780 shares in the company, valued at approximately $1,953,210.60. This trade represents a 30.40% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 6.40% of the stock is currently owned by corporate insiders.

CVB Financial Stock Down 0.5%

Shares of NASDAQ:CVBF opened at $22.70 on Friday. CVB Financial Corporation has a 12 month low of $17.94 and a 12 month high of $23.41. The company's 50-day moving average price is $22.62 and its two-hundred day moving average price is $21.16. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.17. The firm has a market cap of $4.00 billion, a P/E ratio of 15.66 and a beta of 0.64.

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 (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The company had revenue of $179.43 million for 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 in the previous year, the firm posted $0.36 earnings per share. As a group, research analysts forecast that CVB Financial Corporation will post 1.74 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, September 30th. CVB Financial's dividend payout ratio (DPR) is 55.17%.

About CVB Financial

CVB Financial Corp. is the bank holding company for Citizens Business Bank, a commercial bank headquartered in Ontario, California. Founded in 1974, the company provides banking and financial services primarily to businesses, professionals, individuals and public-sector organizations throughout California.

Citizens Business Bank offers commercial and industrial lending, commercial real estate loans, construction financing, Small Business Administration loans, agricultural lending and consumer credit products.

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