Pictet Asset Management Holding SA Raises Stock Holdings in CVB Financial Corp. (NASDAQ:CVBF)

Pictet Asset Management Holding SA grew its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 5.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,475 shares of the financial services provider’s stock after buying an additional 1,054 shares during the quarter. Pictet Asset Management Holding SA’s holdings in CVB Financial were worth $417,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CVBF. Wellington Management Group LLP purchased a new position in CVB Financial in the 3rd quarter valued at $8,653,000. JPMorgan Chase & Co. raised its position in shares of CVB Financial by 25.6% in the third quarter. JPMorgan Chase & Co. now owns 363,494 shares of the financial services provider’s stock valued at $6,477,000 after buying an additional 74,004 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of CVB Financial by 144.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider’s stock worth $95,000 after buying an additional 2,597 shares in the last quarter. Jane Street Group LLC boosted 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 worth $2,437,000 after acquiring an additional 14,384 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in CVB Financial by 22.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 52,358 shares of the financial services provider’s stock worth $1,131,000 after acquiring an additional 9,600 shares during the last quarter. 74.18% of the stock is owned by institutional investors and hedge funds.

CVB Financial Price Performance

NASDAQ CVBF opened at $17.51 on Thursday. The firm’s fifty day moving average price is $19.17 and its 200 day moving average price is $20.30. CVB Financial Corp. has a 12 month low of $15.71 and a 12 month high of $24.58. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 12.16 and a beta of 0.62.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a net margin of 29.32% and a return on equity of 9.35%. As a group, sell-side analysts forecast that CVB Financial Corp. will post 1.41 earnings per share for the current year.

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 16th. Shareholders of record on Wednesday, April 2nd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.57%. The ex-dividend date of this dividend is Wednesday, April 2nd. CVB Financial’s payout ratio is 55.56%.

Analysts Set New Price Targets

Separately, Stephens dropped their target price on CVB Financial from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $22.20.

CVB Financial 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.