Massachusetts Financial Services Co. MA Buys 185,890 Shares of CVB Financial Corporation (NASDAQ:CVBF)

Massachusetts Financial Services Co. MA boosted its stake in CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 12.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,636,814 shares of the financial services provider's stock after purchasing an additional 185,890 shares during the period. Massachusetts Financial Services Co. MA owned about 1.18% of CVB Financial worth $30,216,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Capital Research Global Investors purchased a new position in shares of CVB Financial in the 4th quarter valued at $94,382,000. Norges Bank bought a new stake in shares of CVB Financial during the 4th quarter worth about $27,724,000. Parallel Advisors LLC raised its holdings in shares of CVB Financial by 29.7% in the 1st quarter. Parallel Advisors LLC now owns 3,822,248 shares of the financial services provider's stock worth $70,559,000 after purchasing an additional 874,631 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of CVB Financial by 99.6% in the 4th quarter. Wellington Management Group LLP now owns 969,415 shares of the financial services provider's stock worth $20,755,000 after purchasing an additional 483,844 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of CVB Financial in the fourth quarter worth approximately $9,483,000. Institutional investors and hedge funds own 74.18% of the company's stock.

Wall Street Analyst Weigh In

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

CVB Financial Price Performance

Shares of NASDAQ:CVBF traded down $0.01 during trading on Friday, hitting $21.08. 948,543 shares of the company's stock were exchanged, compared to its average volume of 821,191. The business's 50-day simple moving average is $19.57 and its 200 day simple moving average is $19.41. CVB Financial Corporation has a 52-week low of $16.01 and a 52-week high of $24.58. The company has a market cap of $2.90 billion, a price-to-earnings 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. CVB Financial had a return on equity of 9.32% and a net margin of 30.24%. The business had revenue of $126.67 million for the quarter, compared to analyst estimates of $124.45 million. During the same period in the prior year, the company earned $0.35 earnings per share. On average, sell-side analysts anticipate that CVB Financial Corporation will post 1.41 EPS for the current fiscal year.

CVB Financial Dividend Announcement

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

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.