State Board of Administration of Florida Retirement System Decreases Stake in CVB Financial Corp. (CVBF)
State Board of Administration of Florida Retirement System reduced its stake in CVB Financial Corp. (NASDAQ:CVBF) by 0.8% during the second quarter, Holdings Channel reports. The fund owned 75,960 shares of the financial services provider’s stock after selling 589 shares during the period. State Board of Administration of Florida Retirement System owned about 0.07% of CVB Financial Corp. worth $1,245,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can purchased a new position in shares of CVB Financial Corp. during the second quarter valued at about $123,000. BlackRock Inc. boosted its position in shares of CVB Financial Corp. by 121.9% in the first quarter. BlackRock Inc. now owns 7,182 shares of the financial services provider’s stock valued at $126,000 after buying an additional 3,945 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of CVB Financial Corp. during the second quarter valued at about $137,000. Royal Bank of Canada boosted its position in shares of CVB Financial Corp. by 404.1% in the first quarter. Royal Bank of Canada now owns 14,201 shares of the financial services provider’s stock valued at $248,000 after buying an additional 11,384 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in shares of CVB Financial Corp. during the second quarter valued at about $404,000. 65.42% of the stock is currently owned by institutional investors and hedge funds.
CVB Financial Corp. (NASDAQ:CVBF) traded up 0.23% on Tuesday, hitting $17.12. The stock had a trading volume of 347,799 shares. The company’s 50 day moving average is $17.15 and its 200-day moving average is $16.96. The stock has a market cap of $1.85 billion, a P/E ratio of 17.49 and a beta of 1.57. CVB Financial Corp. has a 12 month low of $14.02 and a 12 month high of $18.77.
CVB Financial Corp. (NASDAQ:CVBF) last issued its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by $0.01. CVB Financial Corp. had a return on equity of 11.07% and a net margin of 34.99%. During the same period in the previous year, the firm earned $0.25 EPS. Analysts forecast that CVB Financial Corp. will post $0.94 EPS for the current year.
Several brokerages have issued reports on CVBF. Zacks Investment Research cut CVB Financial Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, July 28th. Hovde Group began coverage on CVB Financial Corp. in a research report on Wednesday, June 22nd. They issued a “market perform” rating and a $17.00 target price on the stock.
In related news, CEO Christopher D. Myers sold 25,000 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $17.08, for a total transaction of $427,000.00. Following the completion of the sale, the chief executive officer now directly owns 355,052 shares in the company, valued at approximately $6,064,288.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David A. Brager sold 8,000 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $17.08, for a total value of $136,640.00. Following the sale, the executive vice president now owns 25,113 shares of the company’s stock, valued at $428,930.04. The disclosure for this sale can be found here. Corporate insiders own 7.80% of the company’s stock.
CVB Financial Corp. Company Profile
CVB Financial Corp. is the bank holding company for Citizens Business Bank (the Bank). The Bank’s segments include Business Financial and Commercial Banking Centers (Centers), Treasury and Others. The Company’s all administrative and other smaller operating departments are combined into the Other segment.
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