CVB Financial Corp. (CVBF) Shares Bought by JPMorgan Chase & Co.
JPMorgan Chase & Co. raised its stake in CVB Financial Corp. (NASDAQ:CVBF) by 3.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 492,406 shares of the financial services provider’s stock after buying an additional 14,373 shares during the period. JPMorgan Chase & Co. owned 0.46% of CVB Financial Corp. worth $8,070,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Bank of Montreal Can bought a new position in shares of CVB Financial Corp. during the second quarter valued at $123,000. BlackRock Inc. boosted its position in CVB Financial Corp. by 121.9% in the first quarter. BlackRock Inc. now owns 7,182 shares of the financial services provider’s stock worth $126,000 after buying an additional 3,945 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in CVB Financial Corp. during the second quarter worth approximately $137,000. Royal Bank of Canada boosted its position in 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 worth $248,000 after buying an additional 11,384 shares during the last quarter. Finally, Emerald Acquisition Ltd. acquired a new position in CVB Financial Corp. during the second quarter worth approximately $404,000. 65.43% of the stock is currently owned by institutional investors and hedge funds.
Shares of CVB Financial Corp. (NASDAQ:CVBF) traded up 0.22% on Friday, reaching $17.84. 455,019 shares of the company’s stock traded hands. CVB Financial Corp. has a one year low of $14.02 and a one year high of $18.77. The firm has a market cap of $1.93 billion, a P/E ratio of 18.22 and a beta of 1.56. The company’s 50-day moving average price is $17.40 and its 200 day moving average price is $17.02.
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 (EPS) for the quarter, missing the Zacks’ consensus estimate 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 quarter in the prior year, the company earned $0.25 earnings per share. On average, equities analysts forecast that CVB Financial Corp. will post $0.94 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Monday, October 3rd. CVB Financial Corp.’s dividend payout ratio is currently 48.98%.
Several brokerages have issued reports on CVBF. Zacks Investment Research upgraded shares of CVB Financial Corp. from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Tuesday. Keefe, Bruyette & Woods lifted their price target on shares of CVB Financial Corp. from $17.00 to $18.00 and gave the company a “market perform” rating in a research report on Tuesday, September 27th. DA Davidson reiterated a “hold” rating and issued a $18.00 price target on shares of CVB Financial Corp. in a research report on Monday, September 26th. Finally, Hovde Group started coverage on shares of CVB Financial Corp. in a research report on Wednesday, June 22nd. They issued a “market perform” rating and a $17.00 price target for the company. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $18.25.
In related news, CEO Christopher D. Myers sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $17.76, for a total value of $444,000.00. Following the completion of the transaction, the chief executive officer now directly owns 355,052 shares of the company’s stock, valued at approximately $6,305,723.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David A. Brager sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $17.08, for a total transaction of $136,640.00. Following the completion of the transaction, the executive vice president now directly owns 25,113 shares of the company’s stock, valued at $428,930.04. The disclosure for this sale can be found here. Insiders own 7.80% of the company’s stock.
About CVB Financial Corp.
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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