Mirae Asset Global Investments Co. Ltd. Buys 10,877 Shares of CVB Financial Corporation $CVBF

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of CVB Financial Corporation (NASDAQ:CVBF) by 10.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,873 shares of the financial services provider’s stock after purchasing an additional 10,877 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.09% of CVB Financial worth $2,333,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVBF. Woodward Diversified Capital LLC bought a new stake in shares of CVB Financial during the 2nd quarter valued at $376,000. State of Alaska Department of Revenue raised its position in shares of CVB Financial by 6.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 77,168 shares of the financial services provider’s stock valued at $1,527,000 after acquiring an additional 4,411 shares during the period. Maseco LLP acquired a new stake in shares of CVB Financial in the 2nd quarter valued at approximately $116,000. GAMMA Investing LLC raised its position in shares of CVB Financial by 13.5% in the 2nd quarter. GAMMA Investing LLC now owns 5,765 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 685 shares during the period. Finally, Diversified Trust Co raised its position in shares of CVB Financial by 1.1% in the 2nd quarter. Diversified Trust Co now owns 51,421 shares of the financial services provider’s stock valued at $1,018,000 after acquiring an additional 569 shares during the period. 74.18% of the stock is currently owned by institutional investors and hedge funds.

CVB Financial Price Performance

CVBF stock opened at $18.90 on Wednesday. The company has a fifty day moving average price of $19.56 and a two-hundred day moving average price of $19.21. CVB Financial Corporation has a one year low of $16.01 and a one year high of $24.58. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 13.03 and a beta of 0.67.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01. The business had revenue of $126.35 million during the quarter, compared to analysts’ expectations of $127.95 million. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%.During the same period last year, the firm posted $0.36 EPS. Research analysts anticipate that CVB Financial Corporation will post 1.41 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Wednesday, October 1st will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Wednesday, October 1st. CVB Financial’s dividend payout ratio (DPR) is currently 55.17%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Piper Sandler lifted their target price on CVB Financial from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Keefe, Bruyette & Woods reduced their price target on shares of CVB Financial from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, July 25th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of CVB Financial in a report on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, CVB Financial currently has an average rating of “Hold” and an average price target of $23.25.

Insiders Place Their Bets

In other news, Director Anna Kan sold 11,000 shares of CVB Financial stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $20.35, for a total transaction of $223,850.00. Following the sale, the director directly owned 31,593 shares of the company’s stock, valued at approximately $642,917.55. This trade represents a 25.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director George A. Borba, Jr. bought 53,567 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were purchased at an average cost of $18.67 per share, with a total value of $1,000,095.89. Following the transaction, the director directly owned 718,688 shares in the company, valued at approximately $13,417,904.96. This trade represents a 8.05% increase in their position. The disclosure for this purchase can be found here. 6.10% of the stock is currently owned by insiders.

CVB Financial Company Profile

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.