Momentous Wealth Management Inc. Purchases New Shares 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. bought a new position in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 117,495 shares of the financial services provider's stock, valued at approximately $2,169,000. CVB Financial accounts for about 1.5% of Momentous Wealth Management Inc.'s holdings, making the stock its 12th biggest holding. Momentous Wealth Management Inc. owned 0.08% of CVB Financial as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. grew its holdings in CVB Financial by 80.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider's stock worth $35,000 after acquiring an additional 720 shares in the last quarter. Blue Trust Inc. raised its holdings in CVB Financial by 58.8% during the first quarter. Blue Trust Inc. now owns 4,470 shares of the financial services provider's stock worth $83,000 after purchasing an additional 1,655 shares in the last quarter. Sterling Capital Management LLC raised its holdings in CVB Financial by 815.6% during the fourth quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider's stock worth $89,000 after purchasing an additional 3,719 shares in the last quarter. KBC Group NV raised its holdings in CVB Financial by 20.4% during the first quarter. KBC Group NV now owns 7,231 shares of the financial services provider's stock worth $133,000 after purchasing an additional 1,226 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in CVB Financial by 9.4% during the 1st quarter. QRG Capital Management Inc. now owns 10,267 shares of the financial services provider's stock worth $190,000 after purchasing an additional 878 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on CVBF. Keefe, Bruyette & Woods decreased their price objective on shares of CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a report on Friday, July 25th. Piper Sandler increased their target price on shares of CVB Financial from $24.00 to $26.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th.

CVB Financial Stock Up 0.6%

Shares of CVB Financial stock traded up $0.11 on Monday, hitting $18.48. 117,262 shares of the company's stock traded hands, compared to its average volume of 797,708. The stock has a market cap of $2.55 billion, a P/E ratio of 12.73 and a beta of 0.69. The firm's 50-day moving average is $19.58 and its 200 day moving average is $19.32. 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 announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.01. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%. The firm had revenue of $126.35 million for the quarter, compared to analysts' expectations of $127.95 million. During the same period last year, the business posted $0.36 earnings per share. Equities research analysts forecast that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Thursday, July 10th. CVB Financial's dividend payout ratio (DPR) is presently 55.17%.

CVB Financial Company 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.