Vanguard Group Inc. Trims Stake in CVB Financial Corporation $CVBF

Vanguard Group Inc. lowered its position in CVB Financial Corporation (NASDAQ:CVBF) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,205,387 shares of the financial services provider’s stock after selling 169,301 shares during the quarter. Vanguard Group Inc. owned about 10.93% of CVB Financial worth $280,691,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in CVB Financial by 2.6% in 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 CVB Financial during the 4th quarter worth about $94,382,000. Parallel Advisors LLC boosted its holdings 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 valued at $70,559,000 after buying an additional 874,631 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings 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 valued at $49,979,000 after buying an additional 317,418 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of CVB Financial by 21.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,806,879 shares of the financial services provider’s stock valued at $33,355,000 after buying an additional 318,882 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of CVB Financial from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, July 25th. Piper Sandler raised their price target on shares of CVB Financial from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th.

Insider Buying and Selling at CVB Financial

In other news, Director George A. Borba, Jr. purchased 53,567 shares of the stock in a transaction dated Monday, August 4th. The shares were purchased at an average price of $18.67 per share, with a total value of $1,000,095.89. Following the transaction, the director owned 718,688 shares in the company, valued at $13,417,904.96. The trade was a 8.05% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.10% of the company’s stock.

CVB Financial Stock Down 1.6%

CVBF opened at $19.34 on Monday. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 13.34 and a beta of 0.69. CVB Financial Corporation has a 52-week low of $16.01 and a 52-week high of $24.58. The firm’s fifty day simple moving average is $19.66 and its two-hundred day simple moving average is $19.21.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.01. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%. The company had revenue of $126.35 million for the quarter, compared to analysts’ expectations of $127.95 million. During the same quarter in the previous year, the company posted $0.36 EPS. On average, research analysts forecast that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Thursday, July 10th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $0.80 annualized dividend and a dividend yield of 4.1%. CVB Financial’s payout ratio is presently 55.17%.

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.