Texas Permanent School Fund Corp Cuts Stock Holdings in CVB Financial Corp. (NASDAQ:CVBF)

Texas Permanent School Fund Corp lessened its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,775 shares of the financial services provider’s stock after selling 2,825 shares during the quarter. Texas Permanent School Fund Corp’s holdings in CVB Financial were worth $1,944,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in shares of CVB Financial by 16.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,290,055 shares of the financial services provider’s stock valued at $86,619,000 after buying an additional 594,901 shares in the last quarter. Norges Bank acquired a new stake in CVB Financial in the fourth quarter valued at $29,134,000. Assetmark Inc. boosted its position in shares of CVB Financial by 141.5% during the 4th quarter. Assetmark Inc. now owns 8,598 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 5,038 shares in the last quarter. TFO Wealth Partners LLC grew its stake in shares of CVB Financial by 222,300.0% during the 4th quarter. TFO Wealth Partners LLC now owns 17,792 shares of the financial services provider’s stock worth $359,000 after purchasing an additional 17,784 shares during the period. Finally, CIBC Asset Management Inc purchased a new position in shares of CVB Financial in the 4th quarter valued at about $268,000. Institutional investors and hedge funds own 74.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CVBF. Wedbush boosted their price objective on shares of CVB Financial from $18.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $20.00 price target (up previously from $19.00) on shares of CVB Financial in a report on Friday, July 26th. Janney Montgomery Scott cut CVB Financial from a “buy” rating to a “neutral” rating in a report on Wednesday, May 22nd. Finally, Stephens raised their price target on CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.00.

Insider Buying and Selling

In other CVB Financial news, Director Kimberly H. Sheehy sold 2,961 shares of the business’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $17.14, for a total value of $50,751.54. Following the completion of the transaction, the director now directly owns 13,156 shares in the company, valued at approximately $225,493.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.00% of the stock is owned by company insiders.

CVB Financial Stock Performance

Shares of NASDAQ:CVBF opened at $18.11 on Wednesday. The business’s fifty day moving average price is $17.93 and its two-hundred day moving average price is $17.20. The stock has a market cap of $2.53 billion, a PE ratio of 11.91 and a beta of 0.45. CVB Financial Corp. has a one year low of $14.62 and a one year high of $21.77.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. The business had revenue of $125.27 million for the quarter, compared to analyst estimates of $126.86 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 earnings per share. As a group, equities research analysts predict that CVB Financial Corp. will post 1.4 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 25th. Investors of record on Thursday, July 11th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.42%. The ex-dividend date was Thursday, July 11th. CVB Financial’s payout ratio is 52.63%.

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.