Public Sector Pension Investment Board Boosts Position in CVB Financial Corporation $CVBF

Key Points

• The Public Sector Pension Investment Board increased its stake in CVB Financial Corporation by 27.3% during the 1st quarter, bringing its total ownership to approximately $7.69 million.
• CVB Financial reported $0.36 earnings per share for the quarter, slightly exceeding analysts' expectations, but revenues were below estimates at $126.35 million.
• The company announced a quarterly dividend of $0.20 per share, yielding 4.1% annually, with a dividend payout ratio of 55.17%.

Public Sector Pension Investment Board grew its position in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 27.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 416,427 shares of the financial services provider's stock after acquiring an additional 89,328 shares during the quarter. Public Sector Pension Investment Board owned 0.30% of CVB Financial worth $7,687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of CVBF. Illinois Municipal Retirement Fund lifted its position in shares of 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 valued at $1,322,000 after buying an additional 1,671 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of CVB Financial by 2.7% in the first quarter. Principal Financial Group Inc. now owns 654,007 shares of the financial services provider's stock worth $12,073,000 after purchasing an additional 17,205 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of 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 last quarter. Natixis Advisors LLC increased its position in shares of CVB Financial by 58.1% during the 1st quarter. Natixis Advisors LLC now owns 47,547 shares of the financial services provider's stock valued at $878,000 after purchasing an additional 17,476 shares during the last quarter. Finally, KBC Group NV lifted its holdings in shares of 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 acquiring an additional 1,226 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors.

CVB Financial Trading Down 0.2%

Shares of CVBF traded down $0.0450 during trading hours on Tuesday, reaching $19.3750. 111,446 shares of the company traded hands, compared to its average volume of 787,736. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 13.34 and a beta of 0.69. CVB Financial Corporation has a 12-month low of $16.01 and a 12-month high of $24.58. The stock's fifty day moving average price is $19.67 and its 200 day moving average price is $19.20.

CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. The business had revenue of $126.35 million for 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 period in the prior year, the firm earned $0.36 EPS. On average, research analysts forecast that CVB Financial Corporation will post 1.41 earnings per share for the current year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Thursday, July 10th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.1%. The ex-dividend date was Thursday, July 10th. CVB Financial's payout ratio is 55.17%.

Insider Buying and Selling

In other CVB Financial news, Director George A. Borba, Jr. purchased 53,567 shares of the company's stock in a transaction dated Monday, August 4th. The shares were acquired at an average price of $18.67 per share, for a total transaction of $1,000,095.89. Following the completion of the purchase, the director owned 718,688 shares of the company's stock, valued at approximately $13,417,904.96. The trade was a 8.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 6.10% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CVBF shares. Keefe, Bruyette & Woods reduced their target price on CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Piper Sandler boosted their price target on CVB Financial from $24.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $23.25.

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.