Wellington Management Group LLP Buys 105,353 Shares of CVB Financial Corporation $CVBF

Key Points

• Wellington Management Group LLP increased its stake in CVB Financial Corporation by 10.9% during the first quarter, now owning approximately 0.77% of the company valued at about $19.84 million.
• CVB Financial's stock has experienced an analyst rating shift, with Piper Sandler raising its target price from $24.00 to $26.00 and maintaining an "overweight" rating, while Keefe, Bruyette & Woods lowered its target price to $24.00.
• The company recently declared a quarterly dividend of $0.20 per share, representing a 4.0% dividend yield, and reported a net margin of 30.99% during its latest quarter.

Wellington Management Group LLP raised its holdings in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 10.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,074,768 shares of the financial services provider's stock after purchasing an additional 105,353 shares during the period. Wellington Management Group LLP owned about 0.77% of CVB Financial worth $19,840,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CVBF. Brooklyn Investment Group grew its position in shares of CVB Financial by 240,700.0% during the 1st quarter. Brooklyn Investment Group now owns 2,408 shares of the financial services provider's stock valued at $44,000 after buying an additional 2,407 shares during the last quarter. Blue Trust Inc. grew its position in CVB Financial by 58.8% in the 1st 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 during the last quarter. KBC Group NV boosted its holdings 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 acquiring an additional 1,226 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of CVB Financial in the first quarter valued at approximately $163,000. Finally, QRG Capital Management Inc. boosted its holdings in shares of CVB Financial by 9.4% in the first quarter. QRG Capital Management Inc. now owns 10,267 shares of the financial services provider's stock valued at $190,000 after acquiring an additional 878 shares in the last quarter. Institutional investors own 74.18% of the company's stock.

Insiders Place Their Bets

In other news, Director George A. Borba, Jr. acquired 53,567 shares of CVB Financial stock in a transaction that occurred on 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 6.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CVBF has been the subject of several recent research reports. Piper Sandler increased their target price on shares of CVB Financial from $24.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods lowered their target price on shares of CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.25.

CVB Financial Trading Down 0.4%

Shares of NASDAQ:CVBF traded down $0.08 during trading on Friday, hitting $20.13. 703,600 shares of the company's stock were exchanged, compared to its average volume of 780,025. CVB Financial Corporation has a 1-year low of $16.01 and a 1-year high of $24.58. The firm has a 50-day moving average price of $19.87 and a two-hundred day moving average price of $19.18. The firm has a market cap of $2.77 billion, a P/E ratio of 13.88 and a beta of 0.69.

CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.35 by $0.01. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%. The company had revenue of $126.35 million during the quarter, compared to analysts' expectations of $127.95 million. During the same quarter in the previous year, the company earned $0.36 EPS. As a group, research analysts predict that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $0.80 annualized dividend and a yield of 4.0%. CVB Financial's dividend payout ratio (DPR) 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.