Envestnet Asset Management Inc. Has $702,000 Position in CVB Financial Corporation (NASDAQ:CVBF)

Envestnet Asset Management Inc. cut its stake in shares of CVB Financial Corporation (NASDAQ:CVBF) by 3.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,011 shares of the financial services provider’s stock after selling 1,287 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CVB Financial were worth $702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in CVB Financial by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,357,405 shares of the financial services provider’s stock worth $136,116,000 after buying an additional 162,422 shares during the period. Capital Research Global Investors bought a new position in shares of CVB Financial in the 4th quarter worth about $94,382,000. Parallel Advisors LLC raised its position in shares of CVB Financial by 29.7% in the 1st quarter. Parallel Advisors LLC now owns 3,822,248 shares of the financial services provider’s stock worth $70,559,000 after acquiring an additional 874,631 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of CVB Financial by 15.7% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,334,354 shares of the financial services provider’s stock worth $49,979,000 after acquiring an additional 317,418 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of CVB Financial by 1.3% in the 4th quarter. Northern Trust Corp now owns 1,681,961 shares of the financial services provider’s stock worth $36,011,000 after acquiring an additional 21,510 shares in the last quarter. 74.18% of the stock is owned by institutional investors and hedge funds.

CVB Financial Price Performance

Shares of CVB Financial stock opened at $18.69 on Tuesday. CVB Financial Corporation has a one year low of $16.01 and a one year high of $24.58. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of 12.89 and a beta of 0.69. The business has a 50-day simple moving average of $19.57 and a 200 day simple moving average of $19.31.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 EPS for the quarter, beating 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 business had revenue of $126.35 million during the quarter, compared to analyst estimates of $127.95 million. During the same period in the previous year, the company posted $0.36 EPS. On average, sell-side analysts expect that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Thursday, July 10th. CVB Financial’s payout ratio is currently 55.17%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CVBF. Piper Sandler lifted their price objective on CVB Financial from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods lowered their price objective on CVB Financial from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, July 25th.

Insider Buying and Selling

In related news, Director George A. Borba, Jr. acquired 53,567 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was purchased at an average cost of $18.67 per share, with a total value of $1,000,095.89. Following the acquisition, the director owned 718,688 shares of the company’s stock, valued at approximately $13,417,904.96. This trade represents a 8.05% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.10% of the company’s stock.

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.