Principal Financial Group Inc. Boosts Stock Position in CVB Financial Corporation (NASDAQ:CVBF)

Principal Financial Group Inc. boosted its position in CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 654,007 shares of the financial services provider's stock after purchasing an additional 17,205 shares during the period. Principal Financial Group Inc. owned about 0.47% of CVB Financial worth $12,073,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. lifted its holdings in CVB Financial by 80.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 720 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of CVB Financial by 58.8% during the 1st quarter. Blue Trust Inc. now owns 4,470 shares of the financial services provider's stock valued at $83,000 after buying an additional 1,655 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in CVB Financial by 815.6% in the 4th quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider's stock worth $89,000 after buying an additional 3,719 shares during the period. KBC Group NV boosted its holdings in CVB Financial by 20.4% in the 1st quarter. KBC Group NV now owns 7,231 shares of the financial services provider's stock worth $133,000 after buying an additional 1,226 shares during the period. Finally, QRG Capital Management Inc. grew its stake in CVB Financial by 9.4% in the 1st quarter. QRG Capital Management Inc. now owns 10,267 shares of the financial services provider's stock valued at $190,000 after buying an additional 878 shares in the last quarter. Institutional investors own 74.18% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler dropped their price objective on CVB Financial from $25.00 to $24.00 and set an "overweight" rating on the stock in a report on Monday, April 28th.

CVB Financial Stock Performance

CVB Financial stock opened at $20.82 on Monday. The stock has a market cap of $2.87 billion, a P/E ratio of 14.36 and a beta of 0.67. CVB Financial Corporation has a fifty-two week low of $16.01 and a fifty-two week high of $24.58. The firm's fifty day moving average price is $19.38 and its 200-day moving average price is $19.40.

CVB Financial (NASDAQ:CVBF - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. CVB Financial had a return on equity of 9.32% and a net margin of 30.24%. The firm had revenue of $126.67 million for the quarter, compared to analysts' expectations of $124.45 million. During the same quarter last year, the firm posted $0.35 EPS. Sell-side analysts predict that CVB Financial Corporation will post 1.41 earnings per share for the current year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, July 10th. This represents a $0.80 annualized dividend and a yield of 3.84%. CVB Financial's payout ratio is presently 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.

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