Russell Investments Group Ltd. Acquires 1,909 Shares of CVB Financial Corporation $CVBF

Russell Investments Group Ltd. boosted its holdings in CVB Financial Corporation (NASDAQ:CVBF) by 14.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,706 shares of the financial services provider’s stock after acquiring an additional 1,909 shares during the quarter. Russell Investments Group Ltd.’s holdings in CVB Financial were worth $271,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its stake in CVB Financial by 4.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,396,677 shares of the financial services provider’s stock worth $99,623,000 after acquiring an additional 240,159 shares during the last quarter. Parallel Advisors LLC increased its stake in 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 during the last quarter. Victory Capital Management Inc. increased its stake in 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 worth $33,355,000 after acquiring an additional 318,882 shares during the last quarter. Northern Trust Corp increased its stake in 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 during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in CVB Financial by 12.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,636,814 shares of the financial services provider’s stock worth $30,216,000 after acquiring an additional 185,890 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Piper Sandler upped their target price on CVB Financial from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods reduced their price objective on CVB Financial from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, July 25th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, CVB Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.25.

Insiders Place Their Bets

In related news, Director George A. Borba, Jr. bought 53,567 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The stock was bought at an average cost of $18.67 per share, for a total transaction of $1,000,095.89. Following the acquisition, the director directly owned 718,688 shares of the company’s stock, 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 the SEC website. 6.10% of the stock is owned by corporate insiders.

CVB Financial Trading Down 0.4%

Shares of CVB Financial stock opened at $20.13 on Tuesday. The firm has a market capitalization of $2.77 billion, a PE ratio of 13.88 and a beta of 0.71. The business’s 50-day moving average price is $19.92 and its 200-day moving average price is $19.16. CVB Financial Corporation has a 12 month low of $16.01 and a 12 month high of $24.58.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.35 by $0.01. The firm had revenue of $126.35 million for the quarter, compared to analyst estimates of $127.95 million. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%.During the same period in the prior year, the company earned $0.36 EPS. As a group, analysts predict that CVB Financial Corporation will post 1.41 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Thursday, July 10th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, July 10th. This represents a $0.80 annualized dividend and a yield of 4.0%. CVB Financial’s dividend payout ratio is currently 55.17%.

CVB Financial 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.