Principal Financial Group Inc. Grows Stake in CVB Financial Corporation $CVBF

Principal Financial Group Inc. raised its holdings in CVB Financial Corporation (NASDAQ:CVBF) by 13.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 731,613 shares of the financial services provider’s stock after buying an additional 89,179 shares during the quarter. Principal Financial Group Inc.’s holdings in CVB Financial were worth $13,835,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Salomon & Ludwin LLC purchased a new position in CVB Financial during the 3rd quarter valued at about $25,000. Osterweis Capital Management Inc. bought a new position in shares of CVB Financial during the second quarter valued at approximately $103,000. GAMMA Investing LLC lifted its holdings in shares of CVB Financial by 10.7% during the third quarter. GAMMA Investing LLC now owns 6,384 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 619 shares during the last quarter. CWM LLC lifted its holdings in shares of CVB Financial by 9.7% during the second quarter. CWM LLC now owns 8,954 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 795 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of CVB Financial by 11,225.8% in the 3rd quarter. Global Retirement Partners LLC now owns 10,533 shares of the financial services provider’s stock worth $199,000 after purchasing an additional 10,440 shares in the last quarter. Institutional investors own 74.18% of the company’s stock.

Wall Street Analyst Weigh In

CVBF has been the subject of a number of analyst reports. Wall Street Zen lowered CVB Financial from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Weiss Ratings restated a “hold (c)” rating on shares of CVB Financial in a report on Monday, December 29th. Finally, DA Davidson lifted their price target on CVB Financial from $21.00 to $22.50 and gave the stock a “neutral” rating in a research report on Friday, December 19th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.17.

CVB Financial Trading Down 1.4%

Shares of CVBF opened at $20.92 on Wednesday. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 13.95 and a beta of 0.68. The business’s fifty day simple moving average is $19.78 and its two-hundred day simple moving average is $19.45. CVB Financial Corporation has a 12 month low of $16.01 and a 12 month high of $21.48.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.40. CVB Financial had a return on equity of 9.30% and a net margin of 32.28%.The firm had revenue of $133.85 million for the quarter, compared to the consensus estimate of $135.45 million. During the same period in the prior year, the company posted $0.36 earnings per share. As a group, research analysts forecast that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 13th. Shareholders of record on Monday, December 29th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, December 29th. This represents a $0.80 annualized dividend and a yield of 3.8%. CVB Financial’s dividend payout ratio is currently 53.33%.

Insider Activity at CVB Financial

In related news, Director George A. Borba, Jr. acquired 27,094 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was purchased at an average cost of $18.45 per share, with a total value of $499,884.30. Following the completion of the acquisition, the director directly owned 745,782 shares of the company’s stock, valued at approximately $13,759,677.90. This trade represents a 3.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 6.10% of the stock is owned by corporate insiders.

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.