Principal Financial Group Inc. Raises Holdings in CVB Financial Corp. (NASDAQ:CVBF)

Principal Financial Group Inc. raised its holdings in CVB Financial Corp. (NASDAQ:CVBF - Free Report) by 56.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,914,706 shares of the financial services provider's stock after purchasing an additional 1,050,625 shares during the quarter. Principal Financial Group Inc. owned 2.09% of CVB Financial worth $58,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its position in CVB Financial by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,594,323 shares of the financial services provider's stock valued at $59,558,000 after buying an additional 213,038 shares during the period. Equitable Trust Co. increased its stake in shares of CVB Financial by 8.3% during the 3rd quarter. Equitable Trust Co. now owns 26,074 shares of the financial services provider's stock worth $432,000 after purchasing an additional 1,994 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new stake in shares of CVB Financial during the 3rd quarter worth approximately $1,243,000. Victory Capital Management Inc. raised its holdings in shares of CVB Financial by 904.1% in the 3rd quarter. Victory Capital Management Inc. now owns 416,953 shares of the financial services provider's stock worth $6,909,000 after purchasing an additional 375,426 shares during the period. Finally, GSA Capital Partners LLP lifted its stake in CVB Financial by 3.3% in the third quarter. GSA Capital Partners LLP now owns 96,122 shares of the financial services provider's stock valued at $1,593,000 after purchasing an additional 3,112 shares during the last quarter. 74.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CVBF. Wedbush reissued a "neutral" rating and issued a $19.00 target price on shares of CVB Financial in a research report on Thursday, April 25th. Stephens restated an "equal weight" rating and issued a $20.00 price objective on shares of CVB Financial in a research note on Thursday, April 25th. Keefe, Bruyette & Woods dropped their price objective on shares of CVB Financial from $20.00 to $19.00 and set a "market perform" rating on the stock in a report on Friday, April 26th. Finally, Hovde Group downgraded shares of CVB Financial from an "outperform" rating to a "market perform" rating and set a $18.00 target price for the company. in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $19.00.

CVB Financial Stock Performance

NASDAQ CVBF traded down $0.06 during trading hours on Wednesday, hitting $17.35. The company had a trading volume of 554,874 shares, compared to its average volume of 859,337. The firm has a 50 day simple moving average of $16.94 and a 200 day simple moving average of $17.82. CVB Financial Corp. has a 52 week low of $11.19 and a 52 week high of $21.77. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 11.41 and a beta of 0.47.

CVB Financial (NASDAQ:CVBF - Get Free Report) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, meeting analysts' consensus estimates of $0.35. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. The company had revenue of $126.57 million during the quarter, compared to analyst estimates of $127.46 million. During the same period last year, the business earned $0.42 earnings per share. CVB Financial's revenue was down 8.9% compared to the same quarter last year. On average, research analysts forecast that CVB Financial Corp. will post 1.41 earnings per share for the current year.

CVB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Wednesday, April 3rd were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.61%. CVB Financial's dividend payout ratio (DPR) is presently 52.63%.

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.