CVB Financial Corporation (CVBF) Position Cut by Credit Suisse AG
Credit Suisse AG cut its stake in shares of CVB Financial Corporation (NASDAQ:CVBF) by 20.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,481 shares of the financial services provider’s stock after selling 24,687 shares during the period. Credit Suisse AG owned about 0.09% of CVB Financial Corporation worth $2,175,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in CVBF. Cutler Capital Management LLC purchased a new position in CVB Financial Corporation during the first quarter valued at about $120,000. Bank of Montreal Can raised its position in CVB Financial Corporation by 8.6% in the first quarter. Bank of Montreal Can now owns 8,161 shares of the financial services provider’s stock valued at $180,000 after buying an additional 649 shares during the last quarter. State of Alaska Department of Revenue raised its position in CVB Financial Corporation by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 11,180 shares of the financial services provider’s stock valued at $246,000 after buying an additional 310 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in CVB Financial Corporation during the fourth quarter valued at about $251,000. Finally, OppenheimerFunds Inc. purchased a new position in CVB Financial Corporation during the first quarter valued at about $253,000. Institutional investors and hedge funds own 67.79% of the company’s stock.
Shares of CVB Financial Corporation (NASDAQ CVBF) traded up 0.98% during trading on Tuesday, hitting $21.69. 15,442 shares of the stock traded hands. The company has a 50 day moving average price of $22.08 and a 200 day moving average price of $22.07. CVB Financial Corporation has a 12 month low of $16.19 and a 12 month high of $24.63. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 21.56 and a beta of 1.51.
CVB Financial Corporation (NASDAQ:CVBF) last announced its earnings results on Wednesday, July 19th. The financial services provider reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. The firm had revenue of $81.26 million for the quarter, compared to analyst estimates of $80.10 million. CVB Financial Corporation had a net margin of 35.33% and a return on equity of 10.67%. During the same quarter in the previous year, the firm posted $0.23 EPS. Analysts anticipate that CVB Financial Corporation will post $1.06 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, July 20th. Stockholders of record on Thursday, July 6th were paid a dividend of $0.14 per share. This is a positive change from CVB Financial Corporation’s previous quarterly dividend of $0.12. The ex-dividend date was Monday, July 3rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.61%. CVB Financial Corporation’s payout ratio is presently 56.00%.
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Several research firms recently issued reports on CVBF. BidaskClub lowered shares of CVB Financial Corporation from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Zacks Investment Research upgraded shares of CVB Financial Corporation from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Wednesday, June 28th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $23.00 price objective on shares of CVB Financial Corporation in a report on Friday. Wedbush reiterated a “neutral” rating and set a $22.00 price objective on shares of CVB Financial Corporation in a report on Tuesday, June 27th. Finally, Piper Jaffray Companies dropped their price objective on shares of CVB Financial Corporation from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Monday, April 17th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $21.50.
In related news, Director Anna Kan bought 4,660 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average price of $21.50 per share, with a total value of $100,190.00. Following the purchase, the director now owns 17,660 shares of the company’s stock, valued at approximately $379,690. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 7.80% of the company’s stock.
About CVB Financial Corporation
CVB Financial Corp. (CVB) is the bank holding company for Citizens Business Bank (the Bank). The Bank operates through two segments: Business Financial and Commercial Banking Centers (Centers), and Other Operations. The Company’s administrative and other smaller operating departments are combined into the Other segment.
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