Praxis Investment Management Inc. Reduces Stock Position in CVB Financial Corporation $CVBF

Praxis Investment Management Inc. lessened its position in CVB Financial Corporation (NASDAQ:CVBF) by 32.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,060 shares of the financial services provider’s stock after selling 4,870 shares during the period. Praxis Investment Management Inc.’s holdings in CVB Financial were worth $199,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CVBF. AlphaQuest LLC bought a new stake in shares of CVB Financial in the first quarter worth about $27,000. Brooklyn Investment Group lifted its holdings in CVB Financial by 240,700.0% in the 1st quarter. Brooklyn Investment Group now owns 2,408 shares of the financial services provider’s stock worth $44,000 after buying an additional 2,407 shares during the period. Quarry LP grew its position in shares of CVB Financial by 877.3% in the 1st quarter. Quarry LP now owns 3,010 shares of the financial services provider’s stock worth $56,000 after buying an additional 2,702 shares during the last quarter. Blue Trust Inc. increased its stake in shares of CVB Financial by 58.8% during the first quarter. Blue Trust Inc. now owns 4,470 shares of the financial services provider’s stock valued at $83,000 after buying an additional 1,655 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. 74.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Anna Kan sold 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $20.35, for a total value of $223,850.00. Following the sale, the director owned 31,593 shares in the company, valued at $642,917.55. This represents a 25.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director George A. Borba, Jr. acquired 53,567 shares of CVB Financial stock in a transaction that occurred on Monday, August 4th. The shares were bought at an average cost 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. This represents a 8.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CVBF has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods dropped their price target on CVB Financial from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, July 25th. Piper Sandler raised their target price 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. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of CVB Financial in a research note on Tuesday, October 14th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.25.

CVB Financial Stock Up 1.9%

Shares of CVBF stock opened at $18.54 on Monday. The business’s fifty day moving average is $19.53 and its 200 day moving average is $19.22. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 12.79 and a beta of 0.67. CVB Financial Corporation has a twelve month low of $16.01 and a twelve month high of $24.58.

CVB Financial (NASDAQ:CVBF) last announced 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. The firm had revenue of $126.35 million for the quarter, compared to analysts’ expectations of $127.95 million. CVB Financial had a net margin of 30.99% and a return on equity of 9.21%. During the same quarter in the previous year, the business posted $0.36 EPS. Equities research analysts expect that CVB Financial Corporation will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 16th. Shareholders of record on Wednesday, October 1st were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Wednesday, October 1st. CVB Financial’s dividend payout ratio is 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.