State Street Corp Cuts Holdings in CVB Financial Corp. (NASDAQ:CVBF)

State Street Corp lessened its holdings in CVB Financial Corp. (NASDAQ:CVBF - Free Report) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,997,219 shares of the financial services provider's stock after selling 104,943 shares during the quarter. State Street Corp owned approximately 5.01% of CVB Financial worth $126,085,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVBF. Allspring Global Investments Holdings LLC purchased a new position in shares of CVB Financial during the third quarter worth approximately $27,000. nVerses Capital LLC increased its holdings in 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. Innealta Capital LLC purchased a new stake in shares of CVB Financial in the 2nd quarter worth $38,000. GAMMA Investing LLC lifted its stake in CVB Financial by 21.7% in the third quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $78,000 after acquiring an additional 780 shares during the period. Finally, SG Americas Securities LLC bought a new position in CVB Financial during the 3rd quarter worth about $107,000. Hedge funds and other institutional investors own 74.18% of the company's stock.

CVB Financial Price Performance

NASDAQ:CVBF traded down $0.13 during trading hours on Friday, hitting $22.71. 703,509 shares of the company were exchanged, compared to its average volume of 824,267. CVB Financial Corp. has a 52-week low of $15.71 and a 52-week high of $24.58. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 15.88 and a beta of 0.49. The company's 50 day moving average price is $21.29 and its 200-day moving average price is $18.82.

CVB Financial (NASDAQ:CVBF - Get Free Report) last announced 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. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The firm had revenue of $126.45 million for the quarter, compared to analyst estimates of $126.75 million. During the same period in the previous year, the company earned $0.42 earnings per share. The business's quarterly revenue was down 8.2% compared to the same quarter last year. On average, equities analysts predict that CVB Financial Corp. will post 1.43 earnings per share for the current year.

CVB Financial Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend was Monday, September 30th. CVB Financial's dividend payout ratio (DPR) is 55.94%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of CVB Financial from $23.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Wedbush restated a "neutral" rating and issued a $20.00 price target on shares of CVB Financial in a report on Thursday, October 24th. Finally, Piper Sandler lowered their target price on shares of CVB Financial from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Friday, November 1st. One equities 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 company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $21.80.

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.