Massachusetts Financial Services Co. MA Boosts Stake in CVB Financial Corporation (NASDAQ:CVBF)

Massachusetts Financial Services Co. MA increased its stake in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 12.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,636,814 shares of the financial services provider's stock after buying an additional 185,890 shares during the period. Massachusetts Financial Services Co. MA owned 1.18% of CVB Financial worth $30,216,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CVBF. MQS Management LLC bought a new position in shares of CVB Financial during the 1st quarter worth approximately $270,000. Allworth Financial LP lifted its holdings in CVB Financial by 17.6% during the 1st quarter. Allworth Financial LP now owns 32,976 shares of the financial services provider's stock valued at $624,000 after purchasing an additional 4,942 shares during the last quarter. Bolthouse Investments LLC lifted its holdings in CVB Financial by 1.0% during the 1st quarter. Bolthouse Investments LLC now owns 57,524 shares of the financial services provider's stock valued at $1,062,000 after purchasing an additional 546 shares during the last quarter. World Investment Advisors lifted its holdings 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, Principal Financial Group Inc. lifted its holdings in shares of CVB Financial by 2.7% during the first quarter. Principal Financial Group Inc. now owns 654,007 shares of the financial services provider's stock worth $12,073,000 after buying an additional 17,205 shares in the last quarter. Institutional investors and hedge funds own 74.18% of the company's stock.

Wall Street Analyst Weigh In

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

CVB Financial Stock Performance

Shares of NASDAQ:CVBF traded down $0.01 during midday trading on Tuesday, hitting $20.81. 979,663 shares of the stock were exchanged, compared to its average volume of 823,130. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of 14.35 and a beta of 0.67. The business's 50-day moving average price is $19.57 and its 200 day moving average price is $19.38. CVB Financial Corporation has a 12 month low of $16.01 and a 12 month high of $24.58.

CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. CVB Financial had a return on equity of 9.32% and a net margin of 30.24%. The firm had revenue of $126.67 million for the quarter, compared to analyst estimates of $124.45 million. During the same period in the previous year, the firm earned $0.35 earnings per share. As a group, sell-side analysts expect that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 24th. Stockholders of record on Thursday, July 10th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Thursday, July 10th. CVB Financial's payout ratio is 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.