Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of CVB Financial Corp. (NASDAQ:CVBF - Free Report) by 30.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 162,934 shares of the financial services provider's stock after selling 72,650 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.12% of CVB Financial worth $2,903,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of CVBF. Allspring Global Investments Holdings LLC acquired a new stake in CVB Financial in the third quarter valued at $27,000. nVerses Capital LLC lifted its position in shares of CVB Financial by 466.7% during the second 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 last quarter. Versant Capital Management Inc grew its stake in CVB Financial by 832.8% in the second quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider's stock worth $30,000 after purchasing an additional 1,574 shares in the last quarter. Innealta Capital LLC bought a new stake in CVB Financial in the second quarter valued at about $38,000. Finally, GAMMA Investing LLC raised its stake in CVB Financial by 21.7% during the third quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $78,000 after buying an additional 780 shares in the last quarter. 74.18% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on CVBF. Piper Sandler lowered their price target on CVB Financial from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Friday, November 1st. Wedbush reissued a "neutral" rating and set a $20.00 target price on shares of CVB Financial in a report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods raised shares of CVB Financial from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $20.00 to $22.00 in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, CVB Financial presently has a consensus rating of "Hold" and a consensus target price of $20.80.
Read Our Latest Analysis on CVB Financial
CVB Financial Stock Up 0.7 %
CVB Financial stock traded up $0.17 during mid-day trading on Monday, hitting $24.00. 1,196,401 shares of the company's stock traded hands, compared to its average volume of 827,527. CVB Financial Corp. has a one year low of $15.71 and a one year high of $24.58. The firm has a 50 day moving average price of $19.79 and a 200 day moving average price of $18.20. The company has a market cap of $3.35 billion, a PE ratio of 16.78 and a beta of 0.44.
CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.02. The business had revenue of $126.45 million for the quarter, compared to analysts' expectations of $126.75 million. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The company's revenue was down 8.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share. On average, analysts expect that CVB Financial Corp. will post 1.43 earnings per share for the current fiscal year.
CVB Financial Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Monday, September 30th. CVB Financial's dividend payout ratio (DPR) is presently 55.94%.
CVB Financial Company 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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