Charles Schwab Investment Management Inc. lifted its holdings in CVB Financial Corp. (NASDAQ:CVBF - Free Report) by 3.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,952,354 shares of the financial services provider's stock after buying an additional 181,769 shares during the period. Charles Schwab Investment Management Inc. owned about 3.55% of CVB Financial worth $88,251,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in CVBF. Allspring Global Investments Holdings LLC purchased a new position in CVB Financial during the third quarter worth $27,000. nVerses Capital LLC boosted its stake in shares of CVB Financial by 466.7% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider's stock worth $29,000 after purchasing an additional 1,400 shares during the period. Versant Capital Management Inc grew its holdings in CVB Financial by 832.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 1,574 shares during the last quarter. Innealta Capital LLC purchased a new stake in CVB Financial in the 2nd quarter worth about $38,000. Finally, GAMMA Investing LLC raised its position in CVB Financial by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $78,000 after purchasing an additional 780 shares during the period. 74.18% of the stock is currently owned by hedge funds and other institutional investors.
CVB Financial Stock Performance
CVBF remained flat at $23.83 during trading on Thursday. The company's stock had a trading volume of 812,631 shares, compared to its average volume of 827,609. CVB Financial Corp. has a one year low of $15.71 and a one year high of $24.58. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 16.66 and a beta of 0.44. The stock has a 50-day moving average price of $20.13 and a 200 day moving average price of $18.32.
CVB Financial (NASDAQ:CVBF - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The firm had revenue of $126.45 million during the quarter, compared to the consensus estimate of $126.75 million. During the same period in the previous year, the company posted $0.42 earnings per share. The firm's quarterly revenue was down 8.2% on a year-over-year basis. As a group, equities analysts forecast that CVB Financial Corp. will post 1.43 EPS for the current year.
CVB Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Monday, September 30th. CVB Financial's payout ratio is 55.94%.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on CVBF shares. Wedbush reaffirmed a "neutral" rating and set a $20.00 target price on shares of CVB Financial in a research note on Thursday, October 24th. Keefe, Bruyette & Woods raised CVB Financial from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $20.00 to $22.00 in a research report on Wednesday, October 2nd. Finally, Piper Sandler reduced their target price on CVB Financial from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $20.80.
Get Our Latest Stock Report on CVB Financial
CVB Financial Profile
(
Free Report)
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.
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