CVB Financial Corp. (NASDAQ:CVBF) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC lessened its stake in shares of CVB Financial Corp. (NASDAQ:CVBF) by 21.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 139,156 shares of the financial services provider’s stock after selling 37,828 shares during the period. Rafferty Asset Management LLC’s holdings in CVB Financial were worth $2,979,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. raised its position in shares of CVB Financial by 80.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 720 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in CVB Financial by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 13,861 shares of the financial services provider’s stock valued at $297,000 after acquiring an additional 880 shares during the last quarter. Blue Trust Inc. raised its holdings in CVB Financial by 17.7% in the 4th quarter. Blue Trust Inc. now owns 6,108 shares of the financial services provider’s stock valued at $131,000 after acquiring an additional 918 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in CVB Financial by 5.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 19,475 shares of the financial services provider’s stock valued at $417,000 after acquiring an additional 1,054 shares during the last quarter. Finally, KBC Group NV raised its holdings in CVB Financial by 35.0% in the 4th quarter. KBC Group NV now owns 6,005 shares of the financial services provider’s stock valued at $129,000 after acquiring an additional 1,556 shares during the last quarter. Institutional investors and hedge funds own 74.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Piper Sandler cut their price objective on shares of CVB Financial from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Stephens cut their price objective on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $23.50.

CVB Financial Trading Down 0.6%

CVBF stock opened at $19.67 on Tuesday. The firm has a 50-day moving average of $18.39 and a two-hundred day moving average of $20.29. The company has a market cap of $2.71 billion, a price-to-earnings ratio of 13.66 and a beta of 0.65. CVB Financial Corp. has a 12 month low of $15.75 and a 12 month high of $24.58.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $126.67 million during the quarter, compared to the consensus estimate of $124.45 million. CVB Financial had a net margin of 29.32% and a return on equity of 9.35%. During the same quarter last year, the firm earned $0.35 EPS. As a group, equities analysts forecast that CVB Financial Corp. will post 1.41 earnings per share for the current year.

CVB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 2nd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.07%. CVB Financial’s dividend payout ratio is currently 55.17%.

About CVB Financial

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.