Norges Bank Makes New $27.72 Million Investment in CVB Financial Corp. (NASDAQ:CVBF)

Norges Bank bought a new stake in shares of CVB Financial Corp. (NASDAQ:CVBF) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,294,915 shares of the financial services provider’s stock, valued at approximately $27,724,000. Norges Bank owned about 0.93% of CVB Financial as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in CVB Financial by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,156,518 shares of the financial services provider’s stock valued at $110,401,000 after purchasing an additional 204,164 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of CVB Financial by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 3,164,463 shares of the financial services provider’s stock valued at $56,401,000 after acquiring an additional 15,628 shares during the last quarter. Victory Capital Management Inc. grew its position in CVB Financial by 210.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,487,997 shares of the financial services provider’s stock worth $31,858,000 after acquiring an additional 1,009,146 shares in the last quarter. Principal Financial Group Inc. increased its stake in CVB Financial by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 636,802 shares of the financial services provider’s stock worth $13,634,000 after acquiring an additional 17,734 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in CVB Financial by 68.5% during the fourth quarter. JPMorgan Chase & Co. now owns 612,503 shares of the financial services provider’s stock valued at $13,114,000 after purchasing an additional 249,009 shares during the period. 74.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Stephens dropped their target price on CVB Financial from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $22.20.

CVB Financial Price Performance

Shares of NASDAQ CVBF opened at $16.85 on Monday. CVB Financial Corp. has a 1 year low of $15.71 and a 1 year high of $24.58. The firm has a 50-day simple moving average of $19.56 and a two-hundred day simple moving average of $20.37. The company has a market cap of $2.35 billion, a P/E ratio of 11.70 and a beta of 0.62.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a return on equity of 9.35% and a net margin of 29.32%. As a group, equities research analysts expect that CVB Financial Corp. will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 2nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date is Wednesday, April 2nd. CVB Financial’s payout ratio is presently 55.56%.

CVB Financial Company 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.