Vanguard Group Inc. Increases Stake in CVB Financial Corp. (CVBF)
Vanguard Group Inc. lifted its holdings in shares of CVB Financial Corp. (NASDAQ:CVBF) by 12.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,983,877 shares of the financial services provider’s stock after acquiring an additional 1,361,412 shares during the period. Vanguard Group Inc. owned 8.54% of CVB Financial worth $267,480,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in CVBF. GSA Capital Partners LLP purchased a new position in shares of CVB Financial during the second quarter worth approximately $204,000. Legal & General Group Plc grew its position in shares of CVB Financial by 1.9% during the second quarter. Legal & General Group Plc now owns 222,460 shares of the financial services provider’s stock worth $5,005,000 after acquiring an additional 4,231 shares during the last quarter. OppenheimerFunds Inc. purchased a new position in shares of CVB Financial during the second quarter worth approximately $217,000. AMP Capital Investors Ltd purchased a new position in shares of CVB Financial during the second quarter worth approximately $305,000. Finally, California Public Employees Retirement System grew its position in shares of CVB Financial by 2.1% during the second quarter. California Public Employees Retirement System now owns 141,106 shares of the financial services provider’s stock worth $3,164,000 after acquiring an additional 2,915 shares during the last quarter. Institutional investors and hedge funds own 62.53% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of CVB Financial from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Tuesday, September 18th. BidaskClub upgraded shares of CVB Financial from a “hold” rating to a “buy” rating in a research report on Tuesday, November 20th. ValuEngine lowered shares of CVB Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Piper Jaffray Companies set a $23.00 target price on shares of CVB Financial and gave the stock a “hold” rating in a research report on Monday, October 29th. Finally, FIG Partners upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating in a research report on Thursday, October 25th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. CVB Financial has an average rating of “Hold” and a consensus target price of $24.90.
CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings results on Wednesday, October 24th. The financial services provider reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.02). CVB Financial had a return on equity of 11.11% and a net margin of 34.92%. The company had revenue of $103.43 million for the quarter, compared to analyst estimates of $102.47 million. During the same period in the prior year, the business earned $0.27 earnings per share. CVB Financial’s revenue for the quarter was up 25.0% compared to the same quarter last year. On average, sell-side analysts predict that CVB Financial Corp. will post 1.27 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 18th. Shareholders of record on Friday, January 4th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, January 3rd. CVB Financial’s dividend payout ratio (DPR) is currently 52.34%.
In other CVB Financial news, EVP Yamynn Deangelis sold 10,000 shares of the firm’s stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $22.43, for a total value of $224,300.00. Following the completion of the sale, the executive vice president now owns 69,003 shares of the company’s stock, valued at $1,547,737.29. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 6.90% of the stock is currently owned by company insiders.
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CVB Financial Company Profile
CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking, lending, and investment services. It operates in two segments, Banking Centers; and Dairy & Livestock and Agribusiness. The company offers checking, savings, and money market accounts, as well as time certificates of deposit; and serves as a federal tax depository for business customers.
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