LPL Financial LLC Purchases 13,500 Shares of 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 increased its stake in CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 22.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bolthouse Investments LLC grew its stake in shares of CVB Financial by 1.0% in the 1st 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 during the last quarter. QRG Capital Management Inc. grew its stake in shares of CVB Financial by 9.4% in the 1st quarter. QRG Capital Management Inc. now owns 10,267 shares of the financial services provider's stock worth $190,000 after buying an additional 878 shares during the last quarter. KBC Group NV boosted its stake in CVB Financial by 20.4% during the 1st quarter. KBC Group NV now owns 7,231 shares of the financial services provider's stock valued at $133,000 after purchasing an additional 1,226 shares during the last quarter. World Investment Advisors boosted its stake in CVB Financial by 4.8% during the 1st quarter. World Investment Advisors now owns 28,233 shares of the financial services provider's stock valued at $521,000 after purchasing an additional 1,304 shares during the last quarter. Finally, Diversified Trust Co boosted its stake in CVB Financial by 2.7% during the 1st quarter. Diversified Trust Co now owns 50,852 shares of the financial services provider's stock valued at $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 Buying and Selling

In other CVB Financial news, Director George A. Borba, Jr. purchased 53,567 shares of the firm's stock in a transaction on 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 acquisition, the director directly 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 6.10% of the stock is currently owned by corporate insiders.

CVB Financial Stock Down 1.1%

NASDAQ:CVBF traded down $0.22 on Thursday, hitting $20.21. The stock had a trading volume of 455,213 shares, compared to its average volume of 636,980. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 13.94 and a beta of 0.69. The business's 50-day simple moving average is $19.87 and its two-hundred day simple moving average is $19.18. CVB Financial Corporation has a 52-week low of $16.01 and a 52-week 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 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.01. The company had revenue of $126.35 million for the quarter, compared to the consensus estimate 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 previous year, the business earned $0.36 earnings per share. As a group, equities research analysts anticipate that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $0.80 dividend on an annualized basis and a yield of 4.0%. CVB Financial's dividend payout ratio (DPR) is currently 55.17%.

Analysts Set New Price Targets

Several brokerages have commented on CVBF. Piper Sandler increased their target price on CVB Financial from $24.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods cut their target price on CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $23.25.

CVB Financial 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.