Van ECK Associates Corp Increases Stock Position in CVB Financial Corp. (NASDAQ:CVBF)

Posted by Defense World Staff on Aug 8th, 2023

Van ECK Associates Corp boosted its holdings in CVB Financial Corp. (NASDAQ:CVBF – Free Report) by 283.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,493 shares of the financial services provider’s stock after buying an additional 12,191 shares during the period. Van ECK Associates Corp’s holdings in CVB Financial were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Citigroup Inc. grew its position in shares of CVB Financial by 20.6% in the first quarter. Citigroup Inc. now owns 121,451 shares of the financial services provider’s stock valued at $2,818,000 after purchasing an additional 20,745 shares in the last quarter. Natixis Advisors L.P. bought a new position in CVB Financial in the 1st quarter worth about $422,000. Bank of Montreal Can grew its holdings in CVB Financial by 5.6% during the 1st quarter. Bank of Montreal Can now owns 40,228 shares of the financial services provider’s stock valued at $942,000 after buying an additional 2,135 shares in the last quarter. MetLife Investment Management LLC grew its holdings in CVB Financial by 63.5% during the 1st quarter. MetLife Investment Management LLC now owns 72,516 shares of the financial services provider’s stock valued at $1,683,000 after buying an additional 28,159 shares in the last quarter. Finally, Rhumbline Advisers increased its position in shares of CVB Financial by 3.2% during the first quarter. Rhumbline Advisers now owns 417,911 shares of the financial services provider’s stock valued at $9,700,000 after buying an additional 12,818 shares during the period. Institutional investors own 74.62% of the company’s stock.

Wall Street Analysts Forecast Growth

CVBF has been the subject of several recent analyst reports. Janney Montgomery Scott raised shares of CVB Financial from a “neutral” rating to a “buy” rating in a research note on Thursday, May 25th. StockNews.com upgraded CVB Financial to a “sell” rating in a research report on Thursday, July 27th. Finally, DA Davidson dropped their price objective on CVB Financial from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, April 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $20.00.

Read Our Latest Report on CVBF

CVB Financial Stock Performance

CVB Financial stock opened at $19.60 on Tuesday. CVB Financial Corp. has a fifty-two week low of $10.66 and a fifty-two week high of $29.25. The stock has a market cap of $2.73 billion, a P/E ratio of 11.20 and a beta of 0.43. The firm’s fifty day moving average price is $14.87 and its 200-day moving average price is $17.32.

CVB Financial (NASDAQ:CVBF – Get Free Report) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.01. The firm had revenue of $132.19 million during the quarter, compared to analyst estimates of $132.28 million. CVB Financial had a return on equity of 12.58% and a net margin of 39.70%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 earnings per share. On average, analysts predict that CVB Financial Corp. will post 1.61 earnings per share for the current year.

CVB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 20th. Shareholders of record on Thursday, July 6th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend was Wednesday, July 5th. CVB Financial’s payout ratio is currently 45.71%.

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.