KLP Kapitalforvaltning AS Invests $622,000 in CVB Financial Corp. (NASDAQ:CVBF)

KLP Kapitalforvaltning AS purchased a new stake in CVB Financial Corp. (NASDAQ:CVBF - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,800 shares of the financial services provider's stock, valued at approximately $622,000.

Other hedge funds also recently added to or reduced their stakes in the company. Xponance Inc. acquired a new position in shares of CVB Financial in the 4th quarter valued at about $204,000. Intech Investment Management LLC raised its position in CVB Financial by 81.0% during the fourth quarter. Intech Investment Management LLC now owns 67,229 shares of the financial services provider's stock valued at $1,439,000 after acquiring an additional 30,095 shares in the last quarter. Cibc World Markets Corp acquired a new position in CVB Financial in the fourth quarter valued at approximately $265,000. Natixis Advisors LLC boosted its position in CVB Financial by 13.1% in the 4th quarter. Natixis Advisors LLC now owns 30,071 shares of the financial services provider's stock worth $644,000 after purchasing an additional 3,488 shares in the last quarter. Finally, Swiss National Bank grew its stake in shares of CVB Financial by 0.8% during the 4th quarter. Swiss National Bank now owns 274,700 shares of the financial services provider's stock worth $5,881,000 after purchasing an additional 2,100 shares during the period. 74.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Stephens lowered their price target on shares of CVB Financial from $25.00 to $23.00 and set an "equal weight" rating on the stock in a report on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $22.20.

Remove Ads

CVB Financial Stock Performance

Shares of NASDAQ:CVBF traded down $0.12 during midday trading on Monday, reaching $16.73. 1,242,891 shares of the company's stock traded hands, compared to its average volume of 799,275. The company has a fifty day simple moving average of $19.48 and a two-hundred day simple moving average of $20.36. CVB Financial Corp. has a 1 year low of $15.71 and a 1 year high of $24.58. The company has a market cap of $2.34 billion, a P/E ratio of 11.62 and a beta of 0.62.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. CVB Financial had a net margin of 29.32% and a return on equity of 9.35%. As a group, research analysts forecast that CVB Financial Corp. will post 1.41 EPS for the current fiscal year.

CVB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 16th. Shareholders of record on Wednesday, April 2nd will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, April 2nd. This represents a $0.80 annualized dividend and a yield of 4.78%. CVB Financial's dividend payout ratio (DPR) is currently 55.56%.

CVB Financial Profile

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.