State of Alaska Department of Revenue Grows Holdings in CVB Financial Corporation $CVBF

State of Alaska Department of Revenue grew its holdings in CVB Financial Corporation (NASDAQ:CVBF) by 6.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,168 shares of the financial services provider’s stock after purchasing an additional 4,411 shares during the period. State of Alaska Department of Revenue owned about 0.06% of CVB Financial worth $1,527,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Federated Hermes Inc. increased its stake in shares of CVB Financial by 1.3% during the first quarter. Federated Hermes Inc. now owns 42,126 shares of the financial services provider’s stock valued at $778,000 after buying an additional 539 shares during the period. Bolthouse Investments LLC increased its stake in shares of CVB Financial by 1.0% during the first quarter. Bolthouse Investments LLC now owns 57,524 shares of the financial services provider’s stock valued at $1,062,000 after buying an additional 546 shares during the period. Diversified Trust Co increased its stake in shares of CVB Financial by 1.1% during the second quarter. Diversified Trust Co now owns 51,421 shares of the financial services provider’s stock valued at $1,018,000 after buying an additional 569 shares during the period. Hsbc Holdings PLC increased its stake in shares of CVB Financial by 1.5% during the first quarter. Hsbc Holdings PLC now owns 43,777 shares of the financial services provider’s stock valued at $811,000 after buying an additional 665 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of CVB Financial by 13.5% during the second quarter. GAMMA Investing LLC now owns 5,765 shares of the financial services provider’s stock valued at $114,000 after buying an additional 685 shares during the period. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CVBF. Keefe, Bruyette & Woods cut their price target on CVB Financial from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, July 25th. Weiss Ratings restated a “hold (c+)” rating on shares of CVB Financial in a research note on Saturday, September 27th. Finally, Piper Sandler raised their price target on CVB Financial from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, CVB Financial has an average rating of “Hold” and a consensus target price of $23.25.

Insider Buying and Selling

In other CVB Financial news, Director George A. Borba, Jr. acquired 53,567 shares of the business’s stock in a transaction dated Monday, August 4th. The stock was acquired at an average cost of $18.67 per share, for a total transaction of $1,000,095.89. Following the completion of the transaction, the director directly owned 718,688 shares of the company’s stock, valued at $13,417,904.96. This represents a 8.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anna Kan sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $20.35, for a total value of $223,850.00. Following the completion of the sale, the director owned 31,593 shares of the company’s stock, valued at $642,917.55. This trade represents a 25.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.

CVB Financial Trading Up 1.0%

Shares of NASDAQ:CVBF opened at $18.98 on Friday. CVB Financial Corporation has a 12-month low of $16.01 and a 12-month high of $24.58. The company has a market capitalization of $2.62 billion, a PE ratio of 13.09 and a beta of 0.67. The business has a 50 day moving average of $19.57 and a two-hundred day moving average of $19.20.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share (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 company had revenue of $126.35 million during the quarter, compared to the consensus estimate of $127.95 million. During the same period in the previous year, the company posted $0.36 earnings per share. Equities research 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 declared a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Wednesday, October 1st will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.80 dividend on an annualized basis and a yield of 4.2%. 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.