Woodward Diversified Capital LLC Acquires New Shares in CVB Financial Corporation $CVBF

Key Points

• Woodward Diversified Capital LLC acquired 19,000 shares of CVB Financial Corporation, valued at approximately $376,000, during the second quarter.
• CVB Financial announced a quarterly dividend of $0.20, expected to be paid on October 16, with a 4.3% dividend yield.
• The stock's market capitalization is $2.58 billion, with a current share price of $18.69 and a recent 1.2% decline in its value.

Woodward Diversified Capital LLC acquired a new stake in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,000 shares of the financial services provider's stock, valued at approximately $376,000.

Other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in CVB Financial by 6.3% in the first quarter. Dimensional Fund Advisors LP now owns 6,758,075 shares of the financial services provider's stock worth $124,752,000 after purchasing an additional 400,670 shares during the last quarter. Nuveen LLC purchased a new position in shares of CVB Financial in the 1st quarter worth $6,932,000. Victory Capital Management Inc. boosted its stake in shares of CVB Financial by 21.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,806,879 shares of the financial services provider's stock worth $33,355,000 after buying an additional 318,882 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of CVB Financial in the 1st quarter worth $4,461,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of CVB Financial by 4.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,396,677 shares of the financial services provider's stock worth $99,623,000 after buying an additional 240,159 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company's stock.

CVB Financial Stock Down 1.2%

Shares of CVB Financial stock opened at $18.69 on Thursday. The stock's 50-day simple moving average is $19.59 and its 200-day simple moving average is $19.20. CVB Financial Corporation has a 52 week low of $16.01 and a 52 week high of $24.58. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 12.89 and a beta of 0.67.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly 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. 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 in the previous year, the firm earned $0.36 EPS. On average, equities analysts expect that CVB Financial Corporation will post 1.41 earnings per share for the current year.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Wednesday, October 1st will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Wednesday, October 1st. CVB Financial's payout ratio is 55.17%.

Analysts Set New Price Targets

CVBF has been the topic of several research reports. Keefe, Bruyette & Woods dropped their target price on CVB Financial from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Piper Sandler raised their price objective on shares of CVB Financial from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Two 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, CVB Financial presently has an average rating of "Moderate Buy" and a consensus price target of $23.25.

Insider Buying and Selling at CVB Financial

In related news, Director George A. Borba, Jr. purchased 53,567 shares of the firm's stock in a transaction on 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 purchase, the director directly owned 718,688 shares in the company, valued at $13,417,904.96. This trade represents a 8.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Anna Kan sold 11,000 shares of the business's 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 completion of the sale, the director owned 31,593 shares in the company, valued at $642,917.55. This represents a 25.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is owned by insiders.

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.

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