Nuveen LLC Acquires Shares of 375,510 CVB Financial Corporation $CVBF

Key Points

• Nuveen LLC has acquired 375,510 shares of CVB Financial Corporation, valued at approximately $6.93 million, increasing its ownership to about 0.27% of the company.
• CVB Financial recently reported a quarterly earnings per share (EPS) of $0.36, which exceeded analyst expectations of $0.35, along with a revenue of $126.35 million for the quarter.
• Director George A. Borba, Jr. purchased 53,567 shares at an average price of $18.67, raising his total ownership in CVB Financial to 718,688 shares.

Nuveen LLC purchased a new position in CVB Financial Corporation (NASDAQ:CVBF - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 375,510 shares of the financial services provider's stock, valued at approximately $6,932,000. Nuveen LLC owned approximately 0.27% of CVB Financial as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its position in shares of CVB Financial by 4.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,396,677 shares of the financial services provider's stock worth $99,623,000 after purchasing an additional 240,159 shares in the last quarter. Parallel Advisors LLC raised its holdings in CVB Financial by 29.7% in the 1st quarter. Parallel Advisors LLC now owns 3,822,248 shares of the financial services provider's stock worth $70,559,000 after acquiring an additional 874,631 shares during the last quarter. Victory Capital Management Inc. raised its holdings in CVB Financial by 21.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,806,879 shares of the financial services provider's stock worth $33,355,000 after acquiring an additional 318,882 shares during the last quarter. Northern Trust Corp raised its holdings in CVB Financial by 1.3% in the 4th quarter. Northern Trust Corp now owns 1,681,961 shares of the financial services provider's stock worth $36,011,000 after acquiring an additional 21,510 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in CVB Financial by 12.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,636,814 shares of the financial services provider's stock worth $30,216,000 after acquiring an additional 185,890 shares during the last quarter. 74.18% of the stock is owned by institutional investors.

Insider Activity at CVB Financial

In related news, Director George A. Borba, Jr. acquired 53,567 shares of the company's stock in a transaction on Monday, August 4th. The stock was acquired at an average price 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 6.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CVBF shares. Piper Sandler boosted their target price on shares of CVB Financial from $24.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. 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. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.25.

CVB Financial Trading Up 0.4%

CVB Financial stock traded up $0.09 during mid-day trading on Friday, hitting $20.30. The stock had a trading volume of 119,326 shares, compared to its average volume of 776,440. The firm has a market capitalization of $2.80 billion, a P/E ratio of 14.00 and a beta of 0.69. The firm's 50 day moving average is $19.87 and its 200 day moving average is $19.18. CVB Financial Corporation has a one year low of $16.01 and a one year high of $24.58.

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 for the quarter, topping the consensus estimate of $0.35 by $0.01. The company had revenue of $126.35 million during the quarter, compared to the consensus estimate of $127.95 million. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%. During the same quarter in the prior year, the firm posted $0.36 EPS. As a group, equities research analysts forecast that CVB Financial Corporation will post 1.41 earnings per share for the current year.

CVB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Thursday, July 10th. CVB Financial's dividend payout ratio is 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.