Legal & General Group Plc Takes Position in CVB Financial Corporation $CVBF

Legal & General Group Plc bought a new stake in shares of CVB Financial Corporation (NASDAQ:CVBF) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 386,009 shares of the financial services provider’s stock, valued at approximately $8,705,000.

Several other large investors have also added to or reduced their stakes in CVBF. Aster Capital Management DIFC Ltd increased its holdings in CVB Financial by 8,940.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,989 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 1,967 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of CVB Financial during the 4th quarter worth approximately $42,000. Larson Financial Group LLC grew its position in shares of CVB Financial by 288.9% during the 4th quarter. Larson Financial Group LLC now owns 2,411 shares of the financial services provider’s stock worth $45,000 after buying an additional 1,791 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of CVB Financial by 40.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider’s stock worth $47,000 after buying an additional 695 shares during the period. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of CVB Financial in the 2nd quarter valued at $77,000. Institutional investors and hedge funds own 74.18% of the company’s stock.

Insider Activity at CVB Financial

In other news, Director Mike Maddox acquired 10,000 shares of the business’s stock in a transaction on Monday, August 31st. The shares were purchased at an average cost of $22.03 per share, with a total value of $220,300.00. Following the acquisition, the director directly owned 13,138 shares of the company’s stock, valued at $289,430.14. The trade was a 318.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brien Raymond V. O. III bought 20,000 shares of CVB Financial stock in a transaction dated Tuesday, July 28th. The stock was purchased at an average price of $22.77 per share, with a total value of $455,400.00. Following the purchase, the director owned 85,780 shares in the company, valued at approximately $1,953,210.60. This represents a 30.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 6.40% of the stock is currently owned by insiders.

CVB Financial Price Performance

Shares of NASDAQ CVBF opened at $21.87 on Wednesday. CVB Financial Corporation has a fifty-two week low of $17.94 and a fifty-two week high of $23.41. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of 15.08 and a beta of 0.64. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.77 and a current ratio of 0.77. The firm’s 50-day simple moving average is $22.61 and its 200 day simple moving average is $20.95.

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

CVB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 23rd. Investors of record on Thursday, July 9th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, July 9th. This represents a $0.80 annualized dividend and a yield of 3.7%. CVB Financial’s dividend payout ratio is 55.17%.

Analyst Upgrades and Downgrades

CVBF has been the topic of several research analyst reports. Raymond James Financial raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research note on Wednesday, July 1st. Wall Street Zen raised shares of CVB Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Stephens upgraded shares of CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 price objective on the stock in a report on Thursday, August 6th. DA Davidson increased 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. Finally, Piper Sandler raised their target price on CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, CVB Financial presently has an average rating of “Moderate Buy” and an average target price 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.