CVB Financial Corp. (NASDAQ:CVBF) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of CVB Financial Corp. (NASDAQ:CVBF - Free Report) by 78.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 619,068 shares of the financial services provider's stock after selling 2,304,435 shares during the quarter. Principal Financial Group Inc. owned about 0.44% of CVB Financial worth $11,032,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its stake in shares of CVB Financial by 7.3% in the 1st quarter. Bessemer Group Inc. now owns 539,730 shares of the financial services provider's stock valued at $9,629,000 after purchasing an additional 36,894 shares during the last quarter. American Century Companies Inc. grew its position in CVB Financial by 1.0% in the 2nd quarter. American Century Companies Inc. now owns 5,813,290 shares of the financial services provider's stock valued at $100,221,000 after buying an additional 58,774 shares during the last quarter. Seaside Wealth Management Inc. acquired a new position in CVB Financial in the 2nd quarter valued at $1,395,000. Price T Rowe Associates Inc. MD raised its position in CVB Financial by 4.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 105,803 shares of the financial services provider's stock worth $1,888,000 after buying an additional 4,744 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in CVB Financial by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $78,000 after buying an additional 780 shares during the last quarter. Institutional investors and hedge funds own 74.18% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Piper Sandler dropped their price target on shares of CVB Financial from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Friday, November 1st. Stephens boosted their target price on CVB Financial from $19.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods raised CVB Financial from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Wedbush restated a "neutral" rating and issued a $20.00 price target on shares of CVB Financial in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $20.80.

CVB Financial Price Performance

CVB Financial stock remained flat at $22.52 during midday trading on Monday. The company had a trading volume of 511,751 shares, compared to its average volume of 828,396. The company's 50-day moving average is $19.09 and its 200-day moving average is $17.95. CVB Financial Corp. has a 1 year low of $15.71 and a 1 year high of $23.43. The firm has a market capitalization of $3.15 billion, a P/E ratio of 15.75 and a beta of 0.44.

CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.02. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The business 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 firm posted $0.42 earnings per share. The company's quarterly revenue was down 8.2% compared to the same quarter last year. On average, sell-side analysts expect that CVB Financial Corp. will post 1.43 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend was Monday, September 30th. CVB Financial's dividend payout ratio is presently 55.94%.

About CVB Financial

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.