Wellington Management Group LLP Buys 173,984 Shares of CVB Financial Corporation $CVBF

Wellington Management Group LLP grew its stake in shares of CVB Financial Corporation (NASDAQ:CVBF) by 16.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,227,820 shares of the financial services provider’s stock after purchasing an additional 173,984 shares during the period. Wellington Management Group LLP’s holdings in CVB Financial were worth $27,687,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Public Employees Retirement System of Ohio bought a new position in shares of CVB Financial during the 2nd quarter worth about $53,000. Corient Private Wealth LP bought a new stake in CVB Financial in the 2nd quarter valued at about $756,000. Bank of America Corp DE acquired a new position in CVB Financial during the 2nd quarter worth approximately $20,882,000. Odyssean LLC raised its stake in CVB Financial by 168.0% during the 2nd quarter. Odyssean LLC now owns 47,984 shares of the financial services provider’s stock worth $1,082,000 after buying an additional 30,078 shares during the period. Finally, Man Group plc bought a new position in CVB Financial in the second quarter worth approximately $269,000. Institutional investors own 74.18% of the company’s stock.

Insider Transactions at CVB Financial

In other news, Director Mike Maddox bought 10,000 shares of the stock in a transaction dated Monday, August 31st. The stock was bought at an average price of $22.03 per share, for a total transaction of $220,300.00. Following the completion of the acquisition, the director directly owned 13,138 shares in the company, valued at approximately $289,430.14. This trade represents a 318.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO David Harvey sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total transaction of $917,600.00. Following the transaction, the chief operating officer directly owned 98,149 shares in the company, valued at $2,251,538.06. The trade was a 28.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 6.40% of the company’s stock.

Analyst Ratings Changes

CVBF has been the subject of a number of research reports. Raymond James Financial raised CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research note on Wednesday, July 1st. Wall Street Zen raised shares of CVB Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. DA Davidson boosted their price target on shares of CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Piper Sandler upped their price objective on shares of CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Finally, Weiss Ratings raised shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

CVB Financial Stock Performance

Shares of CVB Financial stock opened at $22.62 on Friday. CVB Financial Corporation has a 52 week low of $17.94 and a 52 week high of $23.41. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.17. The business has a 50 day moving average price of $22.62 and a 200-day moving average price of $20.99. The company has a market cap of $3.98 billion, a PE ratio of 15.60 and a beta of 0.64.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. The company had revenue of $179.43 million for the quarter, compared to analysts’ expectations of $184.62 million. During the same period in the previous year, the firm earned $0.36 EPS. Equities analysts anticipate that CVB Financial Corporation will post 1.72 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial’s payout ratio is currently 55.17%.

About CVB Financial

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.