Momentous Wealth Management Inc. Takes Position in CVB Financial Corporation (NASDAQ:CVBF)

Key Points

• Momentous Wealth Management Inc. invested approximately $2.17 million in CVB Financial Corporation, acquiring 117,495 shares and making it their 12th largest holding.
• CVB Financial recently declared a quarterly dividend of $0.20, translating to an annualized yield of 4.3% and a payout ratio of 55.17%.
• Analysts have set new price targets for CVB Financial, with Piper Sandler increasing their target from $24.00 to $26.00 while Keefe, Bruyette & Woods lowered theirs from $25.00 to $24.00.

Momentous Wealth Management Inc. purchased a new position in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 117,495 shares of the financial services provider's stock, valued at approximately $2,169,000. CVB Financial comprises about 1.5% of Momentous Wealth Management Inc.'s portfolio, making the stock its 12th biggest position. Momentous Wealth Management Inc. owned about 0.08% of CVB Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors purchased a new stake in shares of CVB Financial in the fourth quarter worth about $94,382,000. Massachusetts Financial Services Co. MA acquired a new position in CVB Financial during the 4th quarter worth approximately $31,064,000. Norges Bank purchased a new position in CVB Financial in the 4th quarter worth approximately $27,724,000. Parallel Advisors LLC grew its position in CVB Financial by 29.7% in the first quarter. Parallel Advisors LLC now owns 3,822,248 shares of the financial services provider's stock valued at $70,559,000 after acquiring an additional 874,631 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of CVB Financial by 99.6% during the fourth quarter. Wellington Management Group LLP now owns 969,415 shares of the financial services provider's stock valued at $20,755,000 after purchasing an additional 483,844 shares during the period. 74.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CVBF shares. Keefe, Bruyette & Woods decreased their target price on shares of CVB Financial from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Friday, July 25th. Piper Sandler upped their price objective on shares of CVB Financial from $24.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday.

CVB Financial Stock Down 1.7%

Shares of CVBF traded down $0.32 during trading on Friday, reaching $18.37. The company's stock had a trading volume of 792,263 shares, compared to its average volume of 856,942. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 12.67 and a beta of 0.69. The company has a fifty day moving average of $19.59 and a two-hundred day moving average of $19.35. CVB Financial Corporation has a twelve month low of $16.01 and a twelve month high of $24.58.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.01. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%. The firm had revenue of $126.35 million for the quarter, compared to analysts' expectations of $127.95 million. During the same period in the prior year, the company posted $0.36 earnings per share. As a group, equities analysts forecast that CVB Financial Corporation will post 1.41 EPS for the current fiscal year.

CVB Financial Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $0.80 annualized dividend and a dividend yield of 4.4%. CVB Financial's dividend payout ratio (DPR) 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.