Wellington Management Group LLP bought a new stake in CVB Financial Corporation (NASDAQ:CVBF) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 33,837 shares of the financial services provider’s stock, valued at approximately $747,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cutler Capital Management LLC purchased a new position in shares of CVB Financial Corporation during the first quarter valued at approximately $120,000. Bank of Montreal Can boosted its position in shares of CVB Financial Corporation by 8.6% in the first quarter. Bank of Montreal Can now owns 8,161 shares of the financial services provider’s stock valued at $180,000 after buying an additional 649 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of CVB Financial Corporation by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 11,180 shares of the financial services provider’s stock valued at $246,000 after buying an additional 310 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of CVB Financial Corporation during the fourth quarter valued at approximately $251,000. Finally, OppenheimerFunds Inc. purchased a new position in shares of CVB Financial Corporation during the first quarter valued at approximately $253,000. Institutional investors own 67.79% of the company’s stock.
CVB Financial Corporation (CVBF) opened at 20.85 on Friday. CVB Financial Corporation has a 12 month low of $16.32 and a 12 month high of $24.63. The company’s 50-day moving average is $21.93 and its 200 day moving average is $22.02. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 20.73 and a beta of 1.51.
CVB Financial Corporation (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. CVB Financial Corporation had a return on equity of 10.67% and a net margin of 35.33%. The firm had revenue of $81.26 million during the quarter, compared to the consensus estimate of $80.10 million. During the same quarter in the prior year, the firm posted $0.23 EPS. Equities analysts forecast that CVB Financial Corporation will post $1.06 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 20th. Shareholders of record on Thursday, July 6th were given a dividend of $0.14 per share. The ex-dividend date was Monday, July 3rd. This represents a $0.56 dividend on an annualized basis and a yield of 2.69%. This is an increase from CVB Financial Corporation’s previous quarterly dividend of $0.12. CVB Financial Corporation’s dividend payout ratio is 56.00%.
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CVBF has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods set a $23.00 price target on shares of CVB Financial Corporation and gave the stock a “hold” rating in a research report on Tuesday, July 4th. BidaskClub raised shares of CVB Financial Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Hovde Group raised shares of CVB Financial Corporation from an “underperform” rating to a “market perform” rating and set a $21.00 price target for the company in a research report on Friday, May 19th. Zacks Investment Research lowered shares of CVB Financial Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Piper Jaffray Companies reduced their price target on shares of CVB Financial Corporation from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Monday, April 17th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $21.50.
In other news, Director Anna Kan purchased 4,660 shares of CVB Financial Corporation stock in a transaction on Thursday, August 3rd. The stock was purchased at an average price of $21.50 per share, with a total value of $100,190.00. Following the transaction, the director now directly owns 17,660 shares in the company, valued at approximately $379,690. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 7.80% of the company’s stock.
About CVB Financial Corporation
CVB Financial Corp. (CVB) is the bank holding company for Citizens Business Bank (the Bank). The Bank operates through two segments: Business Financial and Commercial Banking Centers (Centers), and Other Operations. The Company’s administrative and other smaller operating departments are combined into the Other segment.
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