CIBC Asset Management Inc Sells 499 Shares of CVB Financial Corp. (NASDAQ:CVBF)

CIBC Asset Management Inc decreased its holdings in shares of CVB Financial Corp. (NASDAQ:CVBF) by 3.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,535 shares of the financial services provider’s stock after selling 499 shares during the period. CIBC Asset Management Inc’s holdings in CVB Financial were worth $223,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of CVB Financial by 12.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,891 shares of the financial services provider’s stock worth $1,434,000 after purchasing an additional 8,835 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in CVB Financial in the third quarter valued at about $27,000. Inspire Advisors LLC boosted its stake in CVB Financial by 4.1% during the 3rd quarter. Inspire Advisors LLC now owns 89,011 shares of the financial services provider’s stock worth $1,586,000 after acquiring an additional 3,527 shares during the last quarter. AlphaMark Advisors LLC increased its holdings in shares of CVB Financial by 4.7% in the third quarter. AlphaMark Advisors LLC now owns 19,179 shares of the financial services provider’s stock worth $342,000 after acquiring an additional 859 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in CVB Financial by 3.5% in the third quarter. Diversified Trust Co now owns 44,271 shares of the financial services provider’s stock valued at $789,000 after buying an additional 1,491 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CVBF shares. Keefe, Bruyette & Woods upgraded CVB Financial from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Piper Sandler reduced their price objective on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Stephens increased their price objective on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Finally, Wedbush reaffirmed a “neutral” rating and set a $20.00 price target on shares of CVB Financial in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.80.

CVB Financial Stock Up 2.8 %

NASDAQ CVBF opened at $23.83 on Friday. The company has a market cap of $3.33 billion, a PE ratio of 16.66 and a beta of 0.44. The firm’s 50-day simple moving average is $19.67 and its two-hundred day simple moving average is $18.14. CVB Financial Corp. has a 52 week low of $15.71 and a 52 week high of $23.99.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The business had revenue of $126.45 million for the quarter, compared to analysts’ expectations of $126.75 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The firm’s revenue was down 8.2% on a year-over-year basis. As a group, equities research analysts anticipate that CVB Financial Corp. will post 1.43 EPS for the current year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were given a $0.20 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.36%. CVB Financial’s dividend payout ratio is 55.94%.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.