Envestnet Asset Management Inc. Acquires 2,311 Shares of CVB Financial Corp. (NASDAQ:CVBF)

Envestnet Asset Management Inc. grew its holdings in CVB Financial Corp. (NASDAQ:CVBFGet Rating) by 5.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 42,080 shares of the financial services provider’s stock after purchasing an additional 2,311 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CVB Financial were worth $1,044,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CVBF. State Street Corp boosted its stake in shares of CVB Financial by 24.3% in the 1st quarter. State Street Corp now owns 7,689,996 shares of the financial services provider’s stock valued at $178,485,000 after purchasing an additional 1,502,666 shares during the last quarter. BlackRock Inc. boosted its stake in shares of CVB Financial by 7.7% in the 1st quarter. BlackRock Inc. now owns 20,822,280 shares of the financial services provider’s stock valued at $483,284,000 after purchasing an additional 1,487,960 shares during the last quarter. Eaton Vance Management boosted its stake in shares of CVB Financial by 131.2% in the 1st quarter. Eaton Vance Management now owns 1,560,789 shares of the financial services provider’s stock valued at $36,226,000 after purchasing an additional 885,786 shares during the last quarter. Vanguard Group Inc. boosted its stake in CVB Financial by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 15,296,047 shares of the financial services provider’s stock worth $355,021,000 after acquiring an additional 750,265 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in CVB Financial by 93.2% during the 1st quarter. Invesco Ltd. now owns 744,208 shares of the financial services provider’s stock worth $17,273,000 after acquiring an additional 358,929 shares during the last quarter. Institutional investors own 72.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of CVB Financial in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Keefe, Bruyette & Woods lowered shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $32.00 price objective on the stock. in a research note on Friday, October 21st.

Insiders Place Their Bets

In other news, EVP David F. Farnsworth sold 11,553 shares of CVB Financial stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $28.51, for a total value of $329,376.03. Following the sale, the executive vice president now directly owns 34,796 shares in the company, valued at $992,033.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP David F. Farnsworth sold 3,447 shares of CVB Financial stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $28.48, for a total value of $98,170.56. Following the sale, the executive vice president now directly owns 34,796 shares in the company, valued at $990,990.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David F. Farnsworth sold 11,553 shares of CVB Financial stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $28.51, for a total transaction of $329,376.03. Following the completion of the sale, the executive vice president now owns 34,796 shares in the company, valued at $992,033.96. The disclosure for this sale can be found here. Corporate insiders own 5.40% of the company’s stock.

CVB Financial Stock Performance

Shares of CVBF stock opened at $28.16 on Thursday. The company has a market capitalization of $3.94 billion, a P/E ratio of 18.29 and a beta of 0.42. The company’s 50 day moving average price is $27.17 and its two-hundred day moving average price is $25.96. CVB Financial Corp. has a 52 week low of $19.00 and a 52 week high of $29.25.

CVB Financial (NASDAQ:CVBFGet Rating) last announced its earnings results on Thursday, October 20th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. The firm had revenue of $144.93 million for the quarter, compared to the consensus estimate of $143.30 million. CVB Financial had a net margin of 41.25% and a return on equity of 10.82%. The business’s quarterly revenue was up 27.4% on a year-over-year basis. During the same period last year, the company posted $0.37 EPS. Analysts forecast that CVB Financial Corp. will post 1.68 earnings per share for the current year.

CVB Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 20th. Shareholders of record on Wednesday, October 5th were issued a dividend of $0.20 per share. This is an increase from CVB Financial’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Tuesday, October 4th. CVB Financial’s dividend payout ratio (DPR) is 51.95%.

About CVB Financial

(Get Rating)

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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Institutional Ownership by Quarter for CVB Financial (NASDAQ:CVBF)

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