CIBC Asset Management Inc Takes Position in CVB Financial Corp. (NASDAQ:CVBF)

CIBC Asset Management Inc purchased a new position in CVB Financial Corp. (NASDAQ:CVBFFree Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,270 shares of the financial services provider’s stock, valued at approximately $268,000.

Several other large investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in shares of CVB Financial by 16.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,290,055 shares of the financial services provider’s stock valued at $86,619,000 after purchasing an additional 594,901 shares during the last quarter. American Century Companies Inc. lifted its position in CVB Financial by 44.1% in the third quarter. American Century Companies Inc. now owns 3,937,457 shares of the financial services provider’s stock worth $65,244,000 after buying an additional 1,204,090 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in CVB Financial by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,784,666 shares of the financial services provider’s stock worth $76,412,000 after buying an additional 190,343 shares during the period. Principal Financial Group Inc. increased its position in CVB Financial by 56.4% during the fourth quarter. Principal Financial Group Inc. now owns 2,914,706 shares of the financial services provider’s stock valued at $58,848,000 after acquiring an additional 1,050,625 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of CVB Financial in the fourth quarter valued at $29,134,000. 74.18% of the stock is owned by institutional investors.

CVB Financial Price Performance

CVB Financial stock opened at $16.29 on Tuesday. The stock has a market cap of $2.27 billion, a price-to-earnings ratio of 10.72 and a beta of 0.46. The firm has a 50-day moving average of $16.67 and a two-hundred day moving average of $17.73. CVB Financial Corp. has a 1 year low of $12.82 and a 1 year high of $21.77.

CVB Financial (NASDAQ:CVBFGet Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. CVB Financial had a return on equity of 10.84% and a net margin of 30.93%. The firm had revenue of $126.57 million during the quarter, compared to analyst estimates of $127.46 million. During the same quarter in the previous year, the business earned $0.42 earnings per share. CVB Financial’s quarterly revenue was down 8.9% on a year-over-year basis. Research analysts expect that CVB Financial Corp. will post 1.41 earnings per share for the current year.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date was Tuesday, April 2nd. CVB Financial’s payout ratio is 52.63%.

Analyst Ratings Changes

CVBF has been the subject of a number of recent analyst reports. Hovde Group cut shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price target for the company. in a research note on Monday, April 22nd. Stephens reissued an “equal weight” rating and issued a $20.00 price objective on shares of CVB Financial in a research note on Thursday, April 25th. Wedbush reaffirmed a “neutral” rating and set a $19.00 target price on shares of CVB Financial in a research note on Thursday, April 25th. Janney Montgomery Scott lowered CVB Financial from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 22nd. Finally, Keefe, Bruyette & Woods dropped their price objective on CVB Financial from $20.00 to $19.00 and set a “market perform” rating for the company in a report on Friday, April 26th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.00.

View Our Latest Analysis on CVB Financial

About CVB Financial

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

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