Mirae Asset Global Investments Co. Ltd. Acquires 159,342 Shares of CVB Financial Corporation $CVBF

Key Points

• Mirae Asset Global Investments opened a new CVB Financial position, buying 159,342 shares worth about $3.44 million, or roughly 0.09% of the company. Institutional investors collectively own 74.18% of the stock.
• Analysts have a “Moderate Buy” consensus on CVB Financial, with an average price target of $26.25; four analysts rate it Buy and one rates it Hold.
• In its latest reported quarter, CVB Financial earned $0.44 per share, slightly below the $0.45 consensus, while revenue of $195.56 million exceeded estimates. It paid a quarterly dividend of $0.20 per share, equivalent to a 3.5% yield.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 159,342 shares of the financial services provider's stock, valued at approximately $3,443,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.09% of CVB Financial at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CVBF. GAMMA Investing LLC lifted its holdings in shares of CVB Financial by 4.9% during the 3rd quarter. GAMMA Investing LLC now owns 9,981 shares of the financial services provider's stock valued at $216,000 after purchasing an additional 462 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in CVB Financial by 40.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 695 shares during the period. Gamco Investors INC. ET AL grew its stake in shares of CVB Financial by 7.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 10,750 shares of the financial services provider's stock worth $208,000 after purchasing an additional 750 shares during the period. Royal Bank of Canada lifted its holdings in CVB Financial by 8.5% during the first quarter. Royal Bank of Canada now owns 21,755 shares of the financial services provider's stock valued at $422,000 after purchasing an additional 1,704 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in CVB Financial by 16.9% in the 2nd quarter. QRG Capital Management Inc. now owns 12,276 shares of the financial services provider's stock valued at $277,000 after purchasing an additional 1,776 shares in the last quarter. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Weiss Ratings upgraded CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, October 26th. Piper Sandler lifted their price target on CVB Financial from $27.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Stephens upgraded shares of CVB Financial from an "equal weight" rating to an "overweight" rating and set a $27.00 target price on the stock in a report on Thursday, August 6th. DA Davidson boosted their target price on CVB Financial from $22.50 to $25.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Finally, Wall Street Zen upgraded shares of CVB Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $26.25.

Insider Transactions at CVB Financial

In related news, Director Mike Maddox bought 10,000 shares of the business's stock in a transaction that occurred on Monday, August 31st. The stock was acquired at an average price of $22.03 per share, for a total transaction of $220,300.00. Following the transaction, the director directly owned 13,138 shares of the company's stock, valued at $289,430.14. This represents a 318.67% 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. 6.40% of the stock is owned by company insiders.

CVB Financial Price Performance

CVBF stock traded down $0.12 during trading on Friday, hitting $22.74. The company had a trading volume of 1,070,877 shares, compared to its average volume of 1,353,438. The business has a 50 day moving average of $22.32 and a 200 day moving average of $21.23. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 15.06 and a beta of 0.68. CVB Financial Corporation has a fifty-two week low of $18.10 and a fifty-two week high of $23.95. The company has a current ratio of 0.75, a quick ratio of 0.77 and a debt-to-equity ratio of 0.17.

CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.01). CVB Financial had a net margin of 29.54% and a return on equity of 9.42%. The business had revenue of $195.56 million during the quarter, compared to analyst estimates of $192.80 million. During the same period in the previous year, the company posted $0.38 earnings per share. As a group, research analysts predict that CVB Financial Corporation will post 1.77 earnings per share for the current year.

CVB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.20 per share. The ex-dividend date was Wednesday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. CVB Financial's payout ratio is presently 52.98%.

CVB Financial Profile

CVB Financial Corp. is a bank holding company headquartered in Ontario, California. Its principal subsidiary, Citizens Business Bank, provides banking and financial services to businesses, professionals, and individuals, with a focus on relationship-based commercial banking.

Citizens Business Bank offers business checking and savings accounts, commercial and real estate loans, lines of credit, equipment financing, treasury management, cash management, and international banking services.

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