Bank of New York Mellon Corp Sells 47,326 Shares of CVB Financial Corporation (NASDAQ:CVBF)

Bank of New York Mellon Corp cut its holdings in CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 3.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,428,541 shares of the financial services provider's stock after selling 47,326 shares during the period. Bank of New York Mellon Corp owned about 1.03% of CVB Financial worth $26,371,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVBF. Nomura Asset Management Co. Ltd. boosted its position in CVB Financial by 80.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider's stock worth $35,000 after purchasing an additional 720 shares during the period. QRG Capital Management Inc. boosted its position in CVB Financial by 9.4% during the first quarter. QRG Capital Management Inc. now owns 10,267 shares of the financial services provider's stock worth $190,000 after purchasing an additional 878 shares during the period. Summit Investment Advisors Inc. boosted its position in CVB Financial by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,861 shares of the financial services provider's stock worth $297,000 after purchasing an additional 880 shares during the period. Pictet Asset Management Holding SA boosted its position in CVB Financial by 5.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 19,475 shares of the financial services provider's stock worth $417,000 after purchasing an additional 1,054 shares during the period. Finally, KBC Group NV boosted its position in CVB Financial by 20.4% during the first quarter. KBC Group NV now owns 7,231 shares of the financial services provider's stock worth $133,000 after purchasing an additional 1,226 shares during the period. 74.18% of the stock is currently owned by institutional investors and hedge funds.

CVB Financial Stock Performance

Shares of CVB Financial stock traded down $0.01 on Friday, hitting $21.08. The stock had a trading volume of 948,543 shares, compared to its average volume of 821,191. The stock has a 50 day moving average of $19.57 and a 200 day moving average of $19.39. CVB Financial Corporation has a twelve month low of $16.01 and a twelve month high of $24.58. The firm has a market capitalization of $2.90 billion, a P/E ratio of 14.54 and a beta of 0.67.

CVB Financial (NASDAQ:CVBF - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. CVB Financial had a net margin of 30.24% and a return on equity of 9.32%. The company had revenue of $126.67 million during the quarter, compared to the consensus estimate of $124.45 million. During the same quarter last year, the firm posted $0.35 EPS. Equities analysts expect that CVB Financial Corporation will post 1.41 earnings per share for the current year.

CVB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 24th. Investors of record on Thursday, July 10th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Thursday, July 10th. CVB Financial's payout ratio is currently 55.17%.

Wall Street Analyst Weigh In

Separately, Piper Sandler reduced their target price on shares of CVB Financial from $25.00 to $24.00 and set an "overweight" rating for the company in a research report on Monday, April 28th.

About CVB Financial

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.