California State Teachers Retirement System Cuts Stock Position in CVB Financial Corp. (NASDAQ:CVBF)

Posted by Defense World Staff on Aug 26th, 2023

California State Teachers Retirement System trimmed its position in shares of CVB Financial Corp. (NASDAQ:CVBF – Free Report) by 1.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 172,435 shares of the financial services provider’s stock after selling 2,435 shares during the quarter. California State Teachers Retirement System owned 0.12% of CVB Financial worth $2,876,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CVBF. Arizona State Retirement System grew its holdings in shares of CVB Financial by 2.7% in the first quarter. Arizona State Retirement System now owns 40,510 shares of the financial services provider’s stock valued at $676,000 after purchasing an additional 1,063 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of CVB Financial by 17.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,650 shares of the financial services provider’s stock valued at $557,000 after acquiring an additional 3,168 shares in the last quarter. Barclays PLC raised its stake in shares of CVB Financial by 42.1% in the first quarter. Barclays PLC now owns 129,555 shares of the financial services provider’s stock valued at $2,161,000 after acquiring an additional 38,356 shares in the last quarter. US Asset Management LLC purchased a new position in CVB Financial in the fourth quarter valued at $144,000. Finally, Public Employees Retirement Association of Colorado grew its stake in CVB Financial by 0.5% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 991,800 shares of the financial services provider’s stock worth $25,539,000 after purchasing an additional 4,478 shares in the last quarter. 74.62% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director George A. Borba, Jr. purchased 165,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were purchased at an average price of $19.52 per share, for a total transaction of $3,220,800.00. Following the purchase, the director now directly owns 165,000 shares of the company’s stock, valued at approximately $3,220,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders bought 167,150 shares of company stock valued at $3,256,198. Insiders own 5.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CVBF. Janney Montgomery Scott upgraded CVB Financial from a “neutral” rating to a “buy” rating in a research note on Thursday, May 25th. StockNews.com raised shares of CVB Financial to a “sell” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, CVB Financial presently has an average rating of “Hold” and an average target price of $20.00.

View Our Latest Research Report on CVBF

CVB Financial Stock Performance

Shares of NASDAQ CVBF opened at $17.37 on Friday. The stock’s 50-day simple moving average is $16.18 and its 200-day simple moving average is $16.76. The firm has a market capitalization of $2.42 billion, a PE ratio of 9.93 and a beta of 0.43. CVB Financial Corp. has a fifty-two week low of $10.66 and a fifty-two week high of $29.25.

CVB Financial (NASDAQ:CVBF – Get Free Report) last released its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. CVB Financial had a net margin of 39.70% and a return on equity of 12.58%. The company had revenue of $132.19 million for the quarter, compared to analysts’ expectations of $132.28 million. During the same quarter last year, the company earned $0.42 earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, sell-side analysts forecast that CVB Financial Corp. will post 1.61 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 20th. Shareholders of record on Thursday, July 6th were paid a $0.20 dividend. The ex-dividend date was Wednesday, July 5th. This represents a $0.80 annualized dividend and a yield of 4.61%. CVB Financial’s dividend payout ratio is presently 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.