Wedge Capital Management L L P NC cut its stake in shares of CVB Financial Corp. (NASDAQ:CVBF) by 47.9% during the second quarter, Holdings Channel reports. The firm owned 547,012 shares of the financial services provider’s stock after selling 503,557 shares during the period. Wedge Capital Management L L P NC’s holdings in CVB Financial Corp. were worth $8,966,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CVBF. BlackRock Inc. boosted its stake in shares of CVB Financial Corp. by 121.9% in the first quarter. BlackRock Inc. now owns 7,182 shares of the financial services provider’s stock valued at $126,000 after buying an additional 3,945 shares during the period. Bank of Montreal Can purchased a new stake in shares of CVB Financial Corp. during the second quarter valued at $123,000. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new stake in shares of CVB Financial Corp. during the second quarter valued at $137,000. Royal Bank of Canada boosted its stake in shares of CVB Financial Corp. by 404.1% in the first quarter. Royal Bank of Canada now owns 14,201 shares of the financial services provider’s stock valued at $248,000 after buying an additional 11,384 shares during the period. Finally, Mariner Wealth Advisors LLC purchased a new stake in shares of CVB Financial Corp. during the first quarter valued at $485,000. 65.43% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CVB Financial Corp. (NASDAQ:CVBF) traded up 0.64% during trading on Friday, reaching $17.24. 232,106 shares of the company’s stock traded hands. CVB Financial Corp. has a 1-year low of $14.02 and a 1-year high of $18.77. The company has a 50 day moving average price of $17.44 and a 200 day moving average price of $17.03. The stock has a market capitalization of $1.86 billion, a PE ratio of 17.61 and a beta of 1.56.
CVB Financial Corp. (NASDAQ:CVBF) last issued its earnings results on Wednesday, July 20th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.01. CVB Financial Corp. had a return on equity of 11.07% and a net margin of 34.99%. During the same period in the previous year, the firm posted $0.25 EPS. On average, equities analysts forecast that CVB Financial Corp. will post $0.94 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Monday, October 3rd. CVB Financial Corp.’s payout ratio is currently 48.98%.
Several brokerages recently weighed in on CVBF. Zacks Investment Research cut shares of CVB Financial Corp. from a “hold” rating to a “sell” rating in a report on Thursday, July 28th. Hovde Group began coverage on shares of CVB Financial Corp. in a report on Wednesday, June 22nd. They issued a “market perform” rating and a $17.00 target price on the stock. Keefe, Bruyette & Woods raised their target price on shares of CVB Financial Corp. from $17.00 to $18.00 and gave the company a “market perform” rating in a report on Tuesday, September 27th. Finally, DA Davidson reiterated a “hold” rating and issued a $18.00 price target on shares of CVB Financial Corp. in a research note on Monday, September 26th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $18.25.
In other news, EVP David A. Brager sold 8,000 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $17.08, for a total transaction of $136,640.00. Following the completion of the sale, the executive vice president now owns 25,113 shares in the company, valued at approximately $428,930.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher D. Myers sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $17.00, for a total value of $425,000.00. Following the sale, the chief executive officer now owns 355,052 shares of the company’s stock, valued at approximately $6,035,884. The disclosure for this sale can be found here. Insiders own 7.80% of the company’s stock.
CVB Financial Corp. Company Profile
CVB Financial Corp. is the bank holding company for Citizens Business Bank (the Bank). The Bank’s segments include Business Financial and Commercial Banking Centers (Centers), Treasury and Others. The Company’s all administrative and other smaller operating departments are combined into the Other segment.
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