Raymond James & Associates Grows Stock Position in CVB Financial Corp. (NASDAQ:CVBF)

Raymond James & Associates boosted its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 2.5% during the fourth quarter, HoldingsChannel reports. The fund owned 35,598 shares of the financial services provider’s stock after buying an additional 854 shares during the period. Raymond James & Associates’ holdings in CVB Financial were worth $719,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd lifted its stake in shares of CVB Financial by 11.2% in the 3rd quarter. Covestor Ltd now owns 8,761 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 885 shares during the last quarter. Nwam LLC acquired a new position in CVB Financial in the third quarter valued at about $207,000. Federated Hermes Inc. purchased a new position in CVB Financial during the third quarter worth about $218,000. Everence Capital Management Inc. acquired a new position in shares of CVB Financial in the 3rd quarter worth approximately $261,000. Finally, Sequoia Financial Advisors LLC boosted its position in shares of CVB Financial by 25.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 17,274 shares of the financial services provider’s stock worth $286,000 after purchasing an additional 3,517 shares during the period. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

CVB Financial Trading Up 3.8 %

Shares of NASDAQ CVBF opened at $17.10 on Wednesday. The stock has a market cap of $2.39 billion, a P/E ratio of 10.75 and a beta of 0.46. The business’s fifty day simple moving average is $17.02 and its 200-day simple moving average is $17.71. CVB Financial Corp. has a 12-month low of $10.66 and a 12-month high of $21.77.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. CVB Financial had a return on equity of 11.50% and a net margin of 33.26%. The company had revenue of $138.52 million for the quarter, compared to analyst estimates of $134.88 million. On average, equities analysts forecast that CVB Financial Corp. will post 1.43 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Wednesday, April 3rd were issued a $0.20 dividend. The ex-dividend date was Tuesday, April 2nd. This represents a $0.80 annualized dividend and a yield of 4.68%. CVB Financial’s dividend payout ratio (DPR) is 50.31%.

Insider Buying and Selling

In other news, CFO E Allen Nicholson acquired 2,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were bought at an average cost of $16.77 per share, with a total value of $33,540.00. Following the transaction, the chief financial officer now owns 92,310 shares in the company, valued at approximately $1,548,038.70. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director George A. Borba, Jr. acquired 59,601 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were bought at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the acquisition, the director now owns 626,311 shares in the company, valued at $10,509,498.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO E Allen Nicholson bought 2,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was bought at an average price of $16.77 per share, with a total value of $33,540.00. Following the acquisition, the chief financial officer now owns 92,310 shares in the company, valued at approximately $1,548,038.70. The disclosure for this purchase can be found here. Insiders bought 63,601 shares of company stock worth $1,067,145 over the last 90 days. 6.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CVBF shares. StockNews.com raised CVB Financial to a “sell” rating in a research report on Friday, January 5th. Hovde Group downgraded CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price objective on the stock. in a report on Monday. Wedbush lowered their target price on CVB Financial from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Finally, Keefe, Bruyette & Woods cut their price target on shares of CVB Financial from $22.00 to $20.00 and set a “market perform” rating on the stock in a research note on Friday, January 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, CVB Financial currently has an average rating of “Hold” and a consensus target price of $20.00.

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.