State of Alaska Department of Revenue Increases Position in CVB Financial Corporation (NASDAQ:CVBF)
State of Alaska Department of Revenue increased its position in shares of CVB Financial Corporation (NASDAQ:CVBF) by 80.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,217 shares of the financial services provider’s stock after buying an additional 9,037 shares during the period. State of Alaska Department of Revenue’s holdings in CVB Financial Corporation were worth $453,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Comerica Bank boosted its position in CVB Financial Corporation by 3.4% in the first quarter. Comerica Bank now owns 144,088 shares of the financial services provider’s stock worth $3,174,000 after buying an additional 4,800 shares during the last quarter. Chicago Equity Partners LLC bought a new position in CVB Financial Corporation during the first quarter worth $2,135,000. Great West Life Assurance Co. Can boosted its position in CVB Financial Corporation by 6.6% in the first quarter. Great West Life Assurance Co. Can now owns 140,202 shares of the financial services provider’s stock worth $3,095,000 after buying an additional 8,671 shares during the last quarter. Wells Fargo & Company MN boosted its position in CVB Financial Corporation by 4.3% in the first quarter. Wells Fargo & Company MN now owns 120,253 shares of the financial services provider’s stock worth $2,656,000 after buying an additional 4,988 shares during the last quarter. Finally, Gamble Jones Investment Counsel boosted its position in CVB Financial Corporation by 0.5% in the first quarter. Gamble Jones Investment Counsel now owns 53,360 shares of the financial services provider’s stock worth $1,179,000 after buying an additional 275 shares during the last quarter. 67.60% of the stock is currently owned by hedge funds and other institutional investors.
CVB Financial Corporation (NASDAQ CVBF) traded up 0.20% during mid-day trading on Friday, reaching $20.45. The company’s stock had a trading volume of 210,178 shares. CVB Financial Corporation has a 12-month low of $16.32 and a 12-month high of $24.63. The firm’s 50 day moving average is $21.74 and its 200-day moving average is $21.93. The company has a market cap of $2.25 billion, a PE ratio of 20.33 and a beta of 1.51.
CVB Financial Corporation (NASDAQ:CVBF) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. The business had revenue of $81.26 million for the quarter, compared to the consensus estimate of $80.10 million. CVB Financial Corporation had a return on equity of 10.67% and a net margin of 35.33%. During the same quarter last year, the business posted $0.23 earnings per share. Equities analysts anticipate that CVB Financial Corporation will post $1.06 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 20th. Investors of record on Thursday, July 6th were given a dividend of $0.14 per share. This is an increase from CVB Financial Corporation’s previous quarterly dividend of $0.12. The ex-dividend date was Monday, July 3rd. This represents a $0.56 dividend on an annualized basis and a yield of 2.74%. CVB Financial Corporation’s dividend payout ratio (DPR) is presently 56.00%.
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A number of research firms recently commented on CVBF. Keefe, Bruyette & Woods set a $23.00 price target on CVB Financial Corporation and gave the stock a “hold” rating in a report on Tuesday, July 4th. Zacks Investment Research cut CVB Financial Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub raised CVB Financial Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Finally, Wedbush reissued a “neutral” rating and issued a $22.00 price target on shares of CVB Financial Corporation in a report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $21.50.
In related news, Director Anna Kan acquired 4,660 shares of CVB Financial Corporation stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average price of $21.50 per share, for a total transaction of $100,190.00. Following the completion of the transaction, the director now owns 17,660 shares in the company, valued at approximately $379,690. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.80% of the company’s stock.
About CVB Financial Corporation
CVB Financial Corp. (CVB) is the bank holding company for Citizens Business Bank (the Bank). The Bank operates through two segments: Business Financial and Commercial Banking Centers (Centers), and Other Operations. The Company’s administrative and other smaller operating departments are combined into the Other segment.
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