Raymond James Financial Inc. Has $7.87 Million Stake in CVB Financial Corporation $CVBF

Key Points

• Raymond James Financial Inc. has reduced its stake in CVB Financial Corporation by 3.7%, holding $7.87 million worth of shares after selling 16,461 during the first quarter.
• CVB Financial recently declared a quarterly dividend of $0.20 per share, representing a 4.0% annualized yield and a payout ratio of 55.17%.
• Analysts have mixed ratings on CVB Financial, with a current average rating of "Moderate Buy" and a consensus price target of $23.25.

Raymond James Financial Inc. trimmed its holdings in CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 3.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 426,416 shares of the financial services provider's stock after selling 16,461 shares during the period. Raymond James Financial Inc. owned 0.31% of CVB Financial worth $7,871,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Illinois Municipal Retirement Fund raised its position in shares of CVB Financial by 2.4% in the first 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 in the last quarter. Principal Financial Group Inc. raised 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 valued at $12,073,000 after buying an additional 17,205 shares in the last quarter. GAMMA Investing LLC raised its position in shares of CVB Financial by 1,845.6% in the first quarter. GAMMA Investing LLC now owns 93,777 shares of the financial services provider's stock valued at $1,731,000 after buying an additional 88,957 shares in the last quarter. Natixis Advisors LLC raised its position in shares of CVB Financial by 58.1% in the first quarter. Natixis Advisors LLC now owns 47,547 shares of the financial services provider's stock valued at $878,000 after buying an additional 17,476 shares in the last quarter. Finally, KBC Group NV raised its position 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 in the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CVBF shares. Piper Sandler lifted their price target on shares of CVB Financial from $24.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods lowered their price objective on shares of CVB Financial from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, CVB Financial presently has an average rating of "Moderate Buy" and a consensus price target of $23.25.

CVB Financial Price Performance

Shares of CVBF opened at $20.13 on Tuesday. CVB Financial Corporation has a one year low of $16.01 and a one year high of $24.58. The company has a market cap of $2.77 billion, a P/E ratio of 13.88 and a beta of 0.71. The firm has a 50 day simple moving average of $19.92 and a two-hundred day simple moving average of $19.16.

CVB Financial (NASDAQ:CVBF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.35 by $0.01. The business 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 period in the previous year, the business earned $0.36 earnings per share. On average, analysts expect that CVB Financial Corporation will post 1.41 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Thursday, July 10th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, July 10th. This represents a $0.80 annualized dividend and a dividend yield of 4.0%. CVB Financial's dividend payout ratio is 55.17%.

Insider Activity

In related news, Director George A. Borba, Jr. purchased 53,567 shares of the stock in a transaction dated Monday, August 4th. The stock was bought at an average cost of $18.67 per share, for a total transaction of $1,000,095.89. Following the completion of the acquisition, the director owned 718,688 shares of the company's stock, valued at approximately $13,417,904.96. This represents a 8.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.10% of the company's stock.

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.

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