Hennion & Walsh Asset Management Inc. Acquires Shares of 28,998 CVB Financial Corporation $CVBF

Hennion & Walsh Asset Management Inc. acquired a new stake in CVB Financial Corporation (NASDAQ:CVBF) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 28,998 shares of the financial services provider’s stock, valued at approximately $654,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. HoldCo Asset Management LP raised its position in CVB Financial by 17,051.0% during the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock valued at $41,366,000 after acquiring an additional 2,211,005 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in CVB Financial by 71.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,437 shares of the financial services provider’s stock worth $23,684,000 after purchasing an additional 507,228 shares in the last quarter. Weiss Asset Management LP acquired a new stake in shares of CVB Financial during the 1st quarter worth approximately $8,303,000. Bernzott Capital Advisors acquired a new stake in shares of CVB Financial during the 1st quarter worth approximately $8,054,000. Finally, Bessemer Group Inc. increased its holdings in shares of CVB Financial by 34.1% during the 1st quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock valued at $28,439,000 after purchasing an additional 372,732 shares in the last quarter. 74.18% of the stock is owned by institutional investors and hedge funds.

CVB Financial Stock Performance

NASDAQ CVBF opened at $23.25 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.77 and a quick ratio of 0.73. The stock’s 50 day simple moving average is $22.24 and its 200-day simple moving average is $20.77. The company has a market cap of $4.09 billion, a PE ratio of 16.03 and a beta of 0.65. CVB Financial Corporation has a 1-year low of $17.94 and a 1-year high of $23.36.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.The firm had revenue of $179.43 million for the quarter, compared to analysts’ expectations of $184.62 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. As a group, equities research analysts anticipate that CVB Financial Corporation will post 1.72 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. CVB Financial’s dividend payout ratio is presently 55.17%.

Insider Transactions at CVB Financial

In other news, COO David C. Harvey sold 40,000 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total value of $917,600.00. Following the completion of the sale, the chief operating officer directly owned 98,149 shares in the company, valued at $2,251,538.06. This represents a 28.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director George A. Borba, Jr. bought 25,187 shares of CVB Financial stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $19.85 per share, with a total value of $499,961.95. Following the completion of the transaction, the director directly owned 846,308 shares of the company’s stock, valued at approximately $16,799,213.80. The trade was a 3.07% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 6.40% of the company’s stock.

Wall Street Analysts Forecast Growth

CVBF has been the subject of several analyst reports. Weiss Ratings upgraded shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Stephens upgraded shares of CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price target on the stock in a research report on Thursday, August 6th. Wall Street Zen raised shares of CVB Financial from a “sell” rating to a “hold” rating in a report on Saturday. Raymond James Financial raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a report on Wednesday, July 1st. Finally, DA Davidson upped their price objective on shares of CVB Financial from $22.50 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $26.25.

CVB Financial Company Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.