Norges Bank Takes Position in CVB Financial Corporation $CVBF

Norges Bank purchased a new position in CVB Financial Corporation (NASDAQ:CVBF) during the second quarter, HoldingsChannel reports. The firm purchased 1,431,021 shares of the financial services provider’s stock, valued at approximately $28,320,000.

Other institutional investors also recently added to or reduced their stakes in the company. AlphaQuest LLC purchased a new stake in CVB Financial in the 1st quarter valued at about $27,000. Brooklyn Investment Group raised its stake in shares of CVB Financial by 240,700.0% during the first quarter. Brooklyn Investment Group now owns 2,408 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 2,407 shares in the last quarter. Quarry LP raised its stake in shares of CVB Financial by 877.3% during the first quarter. Quarry LP now owns 3,010 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 2,702 shares in the last quarter. GAMMA Investing LLC grew its stake in CVB Financial by 13.5% in the second quarter. GAMMA Investing LLC now owns 5,765 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 685 shares in the last quarter. Finally, Maseco LLP purchased a new position in CVB Financial during the 2nd quarter worth $116,000. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Analysts Set New Price Targets

CVBF has been the subject of several research reports. Wall Street Zen upgraded CVB Financial from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings restated a “hold (c)” rating on shares of CVB Financial in a report on Monday, December 1st. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, CVB Financial has an average rating of “Moderate Buy” and a consensus price target of $24.33.

CVB Financial Trading Down 1.7%

Shares of NASDAQ CVBF opened at $19.50 on Monday. CVB Financial Corporation has a 12-month low of $16.01 and a 12-month high of $23.74. The stock’s fifty day simple moving average is $18.95 and its two-hundred day simple moving average is $19.39. The stock has a market capitalization of $2.67 billion, a PE ratio of 13.36 and a beta of 0.68.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $128.58 million during the quarter, compared to analyst estimates of $131.10 million. CVB Financial had a return on equity of 9.18% and a net margin of 31.95%. On average, equities analysts predict that CVB Financial Corporation will post 1.41 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 16th. Shareholders of record on Wednesday, October 1st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Wednesday, October 1st. CVB Financial’s dividend payout ratio is presently 54.79%.

Insider Transactions at CVB Financial

In related news, Director Anna Kan sold 11,000 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $20.35, for a total transaction of $223,850.00. Following the completion of the sale, the director owned 31,593 shares of the company’s stock, valued at $642,917.55. This represents a 25.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director George A. Borba, Jr. bought 27,094 shares of the stock in a transaction on Friday, November 14th. The stock was purchased at an average price of $18.45 per share, with a total value of $499,884.30. Following the completion of the purchase, the director owned 745,782 shares of the company’s stock, valued at $13,759,677.90. This represents a 3.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 6.10% of the stock is currently owned by company insiders.

About CVB Financial

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.