Intech Investment Management LLC Reduces Holdings in CVB Financial Corporation $CVBF

Intech Investment Management LLC reduced its stake in shares of CVB Financial Corporation (NASDAQ:CVBF) by 23.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 74,572 shares of the financial services provider’s stock after selling 23,456 shares during the quarter. Intech Investment Management LLC’s holdings in CVB Financial were worth $1,476,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CVBF. SG Americas Securities LLC grew its holdings in shares of CVB Financial by 331.0% during the second quarter. SG Americas Securities LLC now owns 45,878 shares of the financial services provider’s stock worth $908,000 after purchasing an additional 35,233 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of CVB Financial by 5.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 33,257 shares of the financial services provider’s stock valued at $658,000 after purchasing an additional 1,834 shares during the period. Police & Firemen s Retirement System of New Jersey grew its stake in CVB Financial by 5.5% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 29,910 shares of the financial services provider’s stock worth $592,000 after buying an additional 1,560 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in CVB Financial during the second quarter worth approximately $339,000. Finally, Soltis Investment Advisors LLC acquired a new position in CVB Financial during the second quarter worth approximately $249,000. 74.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director George A. Borba, Jr. acquired 27,094 shares of CVB Financial stock in a transaction that occurred on Friday, November 14th. The stock was purchased at an average price of $18.45 per share, for a total transaction of $499,884.30. Following the completion of the transaction, the director directly owned 745,782 shares in the company, valued at approximately $13,759,677.90. This trade represents a 3.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anna Kan sold 11,000 shares of CVB Financial stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $20.35, for a total value of $223,850.00. Following the completion of the sale, the director directly owned 31,593 shares in the company, valued at $642,917.55. This represents a 25.83% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 6.10% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Piper Sandler increased their price objective on CVB Financial from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of CVB Financial in a research report on Monday, November 17th. Finally, Wall Street Zen cut shares of CVB Financial from a “hold” rating to a “sell” rating in a research note on Sunday. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.33.

CVB Financial Price Performance

CVB Financial stock opened at $19.47 on Friday. The business has a 50 day simple moving average of $18.93 and a 200-day simple moving average of $19.38. CVB Financial Corporation has a 12 month low of $16.01 and a 12 month high of $24.58. The stock has a market capitalization of $2.66 billion, a PE ratio of 13.34 and a beta of 0.69.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $128.58 million for the quarter, compared to analysts’ expectations of $131.10 million. CVB Financial had a net margin of 31.95% and a return on equity of 9.18%. As a group, equities research analysts anticipate that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 16th. Stockholders of record on Wednesday, October 1st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Wednesday, October 1st. CVB Financial’s payout ratio is 54.79%.

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.