CVB Financial Corp. (NASDAQ:CVBF) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. cut its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 22.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 44,531 shares of the financial services provider’s stock after selling 13,114 shares during the period. Franklin Resources Inc.’s holdings in CVB Financial were worth $847,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVBF. Wellington Management Group LLP purchased a new stake in shares of CVB Financial during the 3rd quarter valued at $8,653,000. Jane Street Group LLC lifted its position in CVB Financial by 11.8% during the third quarter. Jane Street Group LLC now owns 136,780 shares of the financial services provider’s stock valued at $2,437,000 after buying an additional 14,384 shares in the last quarter. Citigroup Inc. increased its holdings in CVB Financial by 9.8% in the 3rd quarter. Citigroup Inc. now owns 264,663 shares of the financial services provider’s stock valued at $4,716,000 after purchasing an additional 23,682 shares in the last quarter. American Century Companies Inc. grew its stake in shares of CVB Financial by 1.0% in the second quarter. American Century Companies Inc. now owns 5,813,290 shares of the financial services provider’s stock valued at $100,221,000 after buying an additional 58,774 shares in the last quarter. Finally, Barclays PLC lifted its position in CVB Financial by 79.5% during the 3rd quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock worth $5,186,000 after acquiring an additional 128,869 shares in the last quarter. Hedge funds and other 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. Keefe, Bruyette & Woods upped their price target on CVB Financial from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Wedbush reiterated a “neutral” rating and issued a $20.00 price target on shares of CVB Financial in a research note on Thursday, October 24th. Finally, Piper Sandler dropped their target price 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, CVB Financial has an average rating of “Hold” and an average target price of $21.80.

CVB Financial Price Performance

CVBF stock opened at $21.95 on Monday. CVB Financial Corp. has a 1-year low of $15.71 and a 1-year high of $24.58. The firm has a fifty day moving average price of $21.94 and a two-hundred day moving average price of $19.24. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 15.35 and a beta of 0.49.

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

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend is Tuesday, December 31st. CVB Financial’s dividend payout ratio (DPR) 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.