Louisiana State Employees Retirement System Acquires New Stake in CVB Financial Corporation $CVBF

Key Points

• Louisiana State Employees Retirement System bought a new stake in CVB Financial during Q1, acquiring 56,500 shares valued at about $1.1 million. Several other institutional investors also increased holdings, and institutions now own 74.18% of the stock.
• CVB Financial reported Q1 earnings of $0.38 per share, matching analyst expectations, though revenue of $132.12 million came in below estimates. Analysts currently see the company earning 1.63 EPS for the full year.
• The company announced a quarterly dividend of $0.20 per share, payable July 23, implying an annualized yield of about 3.5%. Separately, a company director purchased 50,242 shares, signaling insider confidence, while analysts maintain an overall Moderate Buy rating.

Louisiana State Employees Retirement System purchased a new stake in CVB Financial Corporation (NASDAQ:CVBF - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 56,500 shares of the financial services provider's stock, valued at approximately $1,096,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CVBF. ProShare Advisors LLC raised its holdings 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 valued at $472,000 after buying an additional 521 shares during the last quarter. State of Alaska Department of Revenue lifted its position in CVB Financial by 0.8% during the fourth quarter. State of Alaska Department of Revenue now owns 71,608 shares of the financial services provider's stock valued at $1,330,000 after buying an additional 561 shares during the period. CWM LLC lifted its position in CVB Financial by 6.3% during the fourth quarter. CWM LLC now owns 10,445 shares of the financial services provider's stock valued at $194,000 after buying an additional 620 shares during the period. Bolthouse Investments LLC boosted its holdings in shares of CVB Financial by 1.1% during the 4th quarter. Bolthouse Investments LLC now owns 59,383 shares of the financial services provider's stock valued at $1,105,000 after buying an additional 637 shares in the last quarter. Finally, Savant Capital LLC grew its position in shares of CVB Financial by 6.1% in the 4th quarter. Savant Capital LLC now owns 11,342 shares of the financial services provider's stock worth $211,000 after buying an additional 653 shares during the period. Hedge funds and other institutional investors own 74.18% of the company's stock.

Insiders Place Their Bets

In related news, Director George A. Borba, Jr. purchased 50,242 shares of CVB Financial stock in a transaction on Tuesday, May 12th. The shares were bought at an average cost of $19.90 per share, for a total transaction of $999,815.80. Following the acquisition, the director owned 796,024 shares in the company, valued at approximately $15,840,877.60. The trade was a 6.74% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.40% of the company's stock.

CVB Financial Price Performance

NASDAQ:CVBF opened at $22.81 on Friday. The business's 50-day simple moving average is $20.78 and its two-hundred day simple moving average is $20.11. CVB Financial Corporation has a 52 week low of $17.94 and a 52 week high of $23.34. The stock has a market cap of $4.03 billion, a PE ratio of 15.01 and a beta of 0.65. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.22.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.38 earnings per share for the quarter, hitting the consensus estimate of $0.38. CVB Financial had a return on equity of 9.16% and a net margin of 32.05%.The business had revenue of $132.12 million during the quarter, compared to the consensus estimate of $162.29 million. During the same period in the prior year, the company posted $0.36 EPS. As a group, analysts forecast that CVB Financial Corporation will post 1.63 EPS for the current fiscal year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 23rd. Investors of record on Thursday, July 9th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. CVB Financial's dividend payout ratio is currently 52.63%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CVBF. Raymond James Financial raised CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price objective for the company in a research report on Wednesday. Piper Sandler increased their target price on CVB Financial from $26.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Weiss Ratings upgraded shares of CVB Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, April 10th. Finally, Stephens reiterated an "equal weight" rating and issued a $23.00 target price on shares of CVB Financial in a research note on Tuesday, June 16th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $24.30.

CVB Financial Company Profile

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.

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