Rhumbline Advisers Reduces Position in CVB Financial Corporation $CVBF

Key Points

• Rhumbline Advisers has reduced its holdings in CVB Financial Corporation by 3.6%, now owning 394,780 shares valued at approximately $7.29 million.
• CVB Financial recently reported earnings per share (EPS) of $0.36, beating analysts' expectations, with revenue totaling $126.35 million during the quarter.
• CVB Financial announced a quarterly dividend of $0.20, representing an annualized yield of 3.9% and a payout ratio of 55.17%.

Rhumbline Advisers trimmed its position in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 3.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 394,780 shares of the financial services provider's stock after selling 14,557 shares during the quarter. Rhumbline Advisers owned approximately 0.29% of CVB Financial worth $7,288,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. AlphaQuest LLC purchased a new stake in shares of CVB Financial during the first quarter worth approximately $27,000. Brooklyn Investment Group increased its position in shares of CVB Financial by 240,700.0% during the first quarter. Brooklyn Investment Group now owns 2,408 shares of the financial services provider's stock worth $44,000 after purchasing an additional 2,407 shares in the last quarter. Quarry LP increased its position in shares of CVB Financial by 877.3% during the first quarter. Quarry LP now owns 3,010 shares of the financial services provider's stock worth $56,000 after purchasing an additional 2,702 shares in the last quarter. Blue Trust Inc. increased its position in shares of CVB Financial by 58.8% during the first quarter. Blue Trust Inc. now owns 4,470 shares of the financial services provider's stock worth $83,000 after purchasing an additional 1,655 shares in the last quarter. Finally, KBC Group NV increased its position in shares of CVB Financial by 20.4% during the first quarter. KBC Group NV now owns 7,231 shares of the financial services provider's stock worth $133,000 after purchasing an additional 1,226 shares in the last quarter. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at CVB Financial

In other news, Director Anna Kan sold 11,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $20.35, for a total value of $223,850.00. Following the transaction, the director owned 31,593 shares in the company, valued at approximately $642,917.55. This represents a 25.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director George A. Borba, Jr. acquired 53,567 shares of the company's stock in a transaction dated Monday, August 4th. The stock was acquired at an average price of $18.67 per share, for a total transaction of $1,000,095.89. Following the acquisition, the director owned 718,688 shares in the company, valued at approximately $13,417,904.96. The trade was a 8.05% increase in their position. The disclosure for this purchase can be found here. 6.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Piper Sandler upped their target price 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 target price on CVB Financial from $25.00 to $24.00 and set an "outperform" rating for the company in a 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 company. According to data from MarketBeat.com, CVB Financial currently has a consensus rating of "Moderate Buy" and an average price target of $23.25.

CVB Financial Stock Performance

Shares of CVB Financial stock traded up $0.28 during trading hours on Wednesday, hitting $19.79. The company's stock had a trading volume of 90,470 shares, compared to its average volume of 769,679. CVB Financial Corporation has a twelve month low of $16.01 and a twelve month high of $24.58. The firm has a fifty day moving average of $19.90 and a 200-day moving average of $19.17. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 13.64 and a beta of 0.71.

CVB Financial (NASDAQ:CVBF - Get Free Report) last announced its quarterly earnings results 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. 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 for the quarter, compared to analyst estimates of $127.95 million. During the same quarter in the prior year, the company posted $0.36 EPS. On average, sell-side 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. Shareholders of record on Thursday, July 10th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $0.80 dividend on an annualized basis and a yield of 4.0%. 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.