LPL Financial LLC Grows Position in CVB Financial Corporation $CVBF

Key Points

• LPL Financial LLC increased its stake in CVB Financial Corporation by 22.1% in the first quarter, now owning a total of 74,717 shares valued at approximately $1.38 million.
• Insider buying activity was reported as Director George A. Borba, Jr. acquired 53,567 shares at a cost of over $1 million, raising his total ownership to 718,688 shares.
• CVB Financial's recent quarterly earnings beat estimates, reporting an EPS of $0.36 against a consensus of $0.35, along with a recently announced quarterly dividend of $0.20 per share.

LPL Financial LLC grew its stake in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 22.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 74,717 shares of the financial services provider's stock after buying an additional 13,500 shares during the period. LPL Financial LLC owned 0.05% of CVB Financial worth $1,379,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Bolthouse Investments LLC increased its position in CVB Financial by 1.0% during the first quarter. Bolthouse Investments LLC now owns 57,524 shares of the financial services provider's stock worth $1,062,000 after buying an additional 546 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of 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 last quarter. KBC Group NV boosted its holdings in shares of 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 last quarter. World Investment Advisors boosted its holdings in shares of CVB Financial by 4.8% during the first quarter. World Investment Advisors now owns 28,233 shares of the financial services provider's stock worth $521,000 after purchasing an additional 1,304 shares during the last quarter. Finally, Diversified Trust Co boosted its holdings in shares of CVB Financial by 2.7% during the first quarter. Diversified Trust Co now owns 50,852 shares of the financial services provider's stock worth $939,000 after purchasing an additional 1,332 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company's stock.

Insider Activity

In other CVB Financial news, Director George A. Borba, Jr. bought 53,567 shares of the company's stock in a transaction dated Monday, August 4th. The shares were acquired at an average cost of $18.67 per share, with a total value of $1,000,095.89. Following the completion of the transaction, the director owned 718,688 shares in the company, valued at $13,417,904.96. The trade was a 8.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CVBF shares. Keefe, Bruyette & Woods decreased their price objective on CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a report on Friday, July 25th. Piper Sandler raised their price objective on CVB Financial from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $23.25.

CVB Financial Price Performance

NASDAQ:CVBF opened at $20.27 on Friday. The business's 50-day moving average is $19.71 and its two-hundred day moving average is $19.19. CVB Financial Corporation has a 12 month low of $16.01 and a 12 month high of $24.58. The firm has a market capitalization of $2.79 billion, a PE ratio of 13.98 and a beta of 0.69.

CVB Financial (NASDAQ:CVBF - Get Free Report) last released its quarterly earnings data 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. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%.The company had revenue of $126.35 million for the quarter, compared to analyst estimates of $127.95 million. During the same period last year, the company posted $0.36 earnings per share. Equities analysts anticipate that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Thursday, July 10th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Thursday, July 10th. CVB Financial's payout ratio is presently 55.17%.

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.

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