CVB Financial Corporation $CVBF Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has reduced its stake in CVB Financial Corporation by 1.1%, now holding about 10.93% of the company with a total value of $280.69 million.
• CVB Financial recently declared a quarterly dividend of $0.20 per share, resulting in an annualized dividend yield of 4.1%.
• Analysts have varying price targets for CVB Financial, with Piper Sandler increasing its target from $24.00 to $26.00, while Keefe, Bruyette & Woods lowered it from $25.00 to $24.00.

Vanguard Group Inc. trimmed its stake in CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 1.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,205,387 shares of the financial services provider's stock after selling 169,301 shares during the quarter. Vanguard Group Inc. owned 10.93% of CVB Financial worth $280,691,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. increased its position in CVB Financial by 58.8% during the first quarter. Blue Trust Inc. now owns 4,470 shares of the financial services provider's stock valued at $83,000 after acquiring an additional 1,655 shares during the last quarter. Sterling Capital Management LLC boosted its stake in CVB Financial by 815.6% during the fourth quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider's stock valued at $89,000 after buying an additional 3,719 shares during the last quarter. KBC Group NV boosted its stake in CVB Financial by 20.4% during 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 during the last quarter. QRG Capital Management Inc. raised its position in CVB Financial by 9.4% during the first quarter. QRG Capital Management Inc. now owns 10,267 shares of the financial services provider's stock valued at $190,000 after purchasing an additional 878 shares during the period. Finally, TrueMark Investments LLC purchased a new stake in CVB Financial during the first quarter valued at approximately $201,000. Hedge funds and other institutional investors own 74.18% of the company's stock.

Insider Activity at CVB Financial

In other news, Director George A. Borba, Jr. purchased 53,567 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were acquired at an average price of $18.67 per share, with a total value of $1,000,095.89. Following the purchase, the director directly owned 718,688 shares of the company's stock, valued at $13,417,904.96. The trade was a 8.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 6.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CVBF has been the topic of several recent analyst reports. Piper Sandler increased their price target on CVB Financial from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods reduced their target price on 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 equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $23.25.

CVB Financial Trading Up 0.1%

NASDAQ:CVBF traded up $0.0250 during midday trading on Thursday, reaching $19.3150. The company had a trading volume of 124,858 shares, compared to its average volume of 783,834. CVB Financial Corporation has a 12-month low of $16.01 and a 12-month high of $24.58. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 13.29 and a beta of 0.69. The stock's fifty day simple moving average is $19.67 and its 200-day simple moving average is $19.20.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.01. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%.The company had revenue of $126.35 million for the quarter, compared to analysts' expectations of $127.95 million. During the same period last year, the firm earned $0.36 earnings per share. As a group, sell-side analysts expect that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Thursday, July 10th. CVB Financial's payout ratio 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.