Citigroup Inc. Sells 69,401 Shares of CVB Financial Corporation $CVBF

Citigroup Inc. trimmed its stake in shares of CVB Financial Corporation (NASDAQ:CVBF) by 34.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,212 shares of the financial services provider’s stock after selling 69,401 shares during the quarter. Citigroup Inc. owned approximately 0.09% of CVB Financial worth $2,443,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA increased its holdings in shares of CVB Financial by 9.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,699,972 shares of the financial services provider’s stock worth $32,146,000 after buying an additional 140,721 shares in the last quarter. Norges Bank bought a new position in shares of CVB Financial in the 2nd quarter valued at $28,320,000. Bessemer Group Inc. boosted its holdings in shares of CVB Financial by 29.5% during the 3rd quarter. Bessemer Group Inc. now owns 1,095,694 shares of the financial services provider’s stock valued at $20,720,000 after acquiring an additional 249,490 shares in the last quarter. Principal Financial Group Inc. grew its position in CVB Financial by 13.9% during the 3rd quarter. Principal Financial Group Inc. now owns 731,613 shares of the financial services provider’s stock worth $13,835,000 after acquiring an additional 89,179 shares during the last quarter. Finally, Bank of America Corp DE grew its position in CVB Financial by 9.8% during the 2nd quarter. Bank of America Corp DE now owns 714,274 shares of the financial services provider’s stock worth $14,135,000 after acquiring an additional 63,833 shares during the last quarter. Institutional investors own 74.18% of the company’s stock.

Wall Street Analysts Forecast Growth

CVBF has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CVB Financial in a report on Monday, December 29th. Wall Street Zen cut CVB Financial from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Finally, DA Davidson upped their price objective on CVB Financial from $21.00 to $22.50 and gave the company a “neutral” rating in a research note on Friday, December 19th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, CVB Financial presently has an average rating of “Moderate Buy” and an average price target of $24.17.

CVB Financial Price Performance

CVB Financial stock opened at $18.91 on Friday. The stock’s 50 day moving average is $19.84 and its 200 day moving average is $19.55. CVB Financial Corporation has a one year low of $16.01 and a one year high of $21.48. The firm has a market cap of $2.57 billion, a P/E ratio of 12.61 and a beta of 0.67. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.72 and a quick ratio of 0.73.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.40 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.40. CVB Financial had a net margin of 32.28% and a return on equity of 9.25%. The business had revenue of $133.85 million during the quarter, compared to the consensus estimate of $135.45 million. During the same quarter in the prior year, the firm posted $0.36 EPS. As a group, research analysts expect that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 13th. Stockholders of record on Monday, December 29th were given a dividend of $0.20 per share. The ex-dividend date was Monday, December 29th. This represents a $0.80 annualized dividend and a dividend yield of 4.2%. CVB Financial’s dividend payout ratio is 53.33%.

CVB Financial Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.