Northern Trust Corp Has $30.62 Million Stock Position in CVB Financial Corporation $CVBF

Key Points

• Northern Trust Corp reduced its stake in CVB Financial Corporation by 1.4%, holding 1,658,838 shares valued at approximately $30.62 million as of its latest SEC filing.
• CVB Financial's stock received mixed reviews from analysts, with Piper Sandler raising its price target to $26.00 while Keefe, Bruyette & Woods lowered theirs to $24.00, leading to a consensus rating of "Moderate Buy."
• The company has declared a quarterly dividend of $0.20 per share, resulting in an annualized yield of 4.0%, with a payout ratio of 55.17%.

Northern Trust Corp reduced its stake in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 1.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,658,838 shares of the financial services provider's stock after selling 23,123 shares during the quarter. Northern Trust Corp owned about 1.19% of CVB Financial worth $30,622,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund grew its stake in CVB Financial by 2.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 71,615 shares of the financial services provider's stock worth $1,322,000 after buying an additional 1,671 shares during the last quarter. Principal Financial Group Inc. boosted its position in CVB Financial by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 654,007 shares of the financial services provider's stock worth $12,073,000 after acquiring an additional 17,205 shares during the period. GAMMA Investing LLC boosted its position in CVB Financial by 1,845.6% during the 1st quarter. GAMMA Investing LLC now owns 93,777 shares of the financial services provider's stock worth $1,731,000 after acquiring an additional 88,957 shares during the period. Natixis Advisors LLC boosted its position in CVB Financial by 58.1% during the 1st quarter. Natixis Advisors LLC now owns 47,547 shares of the financial services provider's stock worth $878,000 after acquiring an additional 17,476 shares during the period. Finally, KBC Group NV lifted its holdings in shares of CVB Financial by 20.4% in the first quarter. KBC Group NV now owns 7,231 shares of the financial services provider's stock valued at $133,000 after buying an additional 1,226 shares during the period. 74.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CVBF has been the subject of several research analyst reports. Piper Sandler upped their price objective on CVB Financial from $24.00 to $26.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods dropped their price target on CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.25.

Insiders Place Their Bets

In other CVB Financial news, Director George A. Borba, Jr. purchased 53,567 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was purchased at an average cost of $18.67 per share, with a total value of $1,000,095.89. Following the acquisition, the director directly owned 718,688 shares of the company's stock, valued at approximately $13,417,904.96. This trade represents a 8.05% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 6.10% of the stock is owned by corporate insiders.

CVB Financial Stock Up 1.6%

Shares of CVBF stock traded up $0.32 during mid-day trading on Thursday, reaching $20.25. The stock had a trading volume of 335,416 shares, compared to its average volume of 773,102. The firm's 50 day simple moving average is $19.95 and its 200 day simple moving average is $19.17. CVB Financial Corporation has a one year low of $16.01 and a one year high of $24.58. The firm has a market cap of $2.79 billion, a PE ratio of 13.96 and a beta of 0.71.

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

CVB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Thursday, July 10th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, July 10th. CVB Financial's dividend payout ratio (DPR) 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.