Geode Capital Management LLC Buys 15,628 Shares of CVB Financial Corp. (NASDAQ:CVBF)

Geode Capital Management LLC boosted its position in shares of CVB Financial Corp. (NASDAQ:CVBF) by 0.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,164,463 shares of the financial services provider’s stock after buying an additional 15,628 shares during the period. Geode Capital Management LLC’s holdings in CVB Financial were worth $56,401,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP bought a new stake in CVB Financial during the third quarter worth $8,653,000. American Century Companies Inc. raised its stake in CVB Financial by 1.0% during the second quarter. American Century Companies Inc. now owns 5,813,290 shares of the financial services provider’s stock worth $100,221,000 after acquiring an additional 58,774 shares in the last quarter. Citigroup Inc. boosted its stake in shares of 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. Seaside Wealth Management Inc. bought a new stake in shares of CVB Financial during the 2nd quarter valued at approximately $1,395,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of CVB Financial by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,952,354 shares of the financial services provider’s stock worth $88,251,000 after buying an additional 181,769 shares in the last quarter. 74.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Wedbush reissued a “neutral” rating and issued a $20.00 price objective on shares of CVB Financial in a research note on Thursday, October 24th. Keefe, Bruyette & Woods raised their target price on CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler dropped their price target on CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $21.80.

CVB Financial Stock Performance

CVBF stock opened at $22.00 on Monday. The business has a 50-day simple moving average of $21.69 and a two-hundred day simple moving average of $19.04. The company has a market capitalization of $3.07 billion, a P/E ratio of 15.38 and a beta of 0.49. CVB Financial Corp. has a 52-week low of $15.71 and a 52-week high of $24.58.

CVB Financial (NASDAQ:CVBF) last released its quarterly 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. The business had revenue of $126.45 million during the quarter, compared to analyst estimates of $126.75 million. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. CVB Financial’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.42 EPS. As a group, sell-side analysts forecast that CVB Financial Corp. will post 1.43 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend is Tuesday, December 31st. CVB Financial’s 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.