Amalgamated Bank Sells 1,800 Shares of CVB Financial Corp. (NASDAQ:CVBF)

Amalgamated Bank trimmed its stake in shares of CVB Financial Corp. (NASDAQ:CVBF) by 4.4% in the third quarter, HoldingsChannel.com reports. The fund owned 38,750 shares of the financial services provider’s stock after selling 1,800 shares during the quarter. Amalgamated Bank’s holdings in CVB Financial were worth $691,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of CVB Financial during the 3rd quarter valued at $27,000. nVerses Capital LLC lifted its position in shares of CVB Financial by 466.7% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,400 shares during the period. Versant Capital Management Inc lifted its position in shares of CVB Financial by 832.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,574 shares during the period. Innealta Capital LLC bought a new stake in shares of CVB Financial during the 2nd quarter valued at $38,000. Finally, GAMMA Investing LLC lifted its position in shares of CVB Financial by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $78,000 after acquiring an additional 780 shares during the period. 74.18% of the stock is currently owned by institutional investors.

CVB Financial Stock Performance

CVB Financial stock opened at $22.52 on Friday. CVB Financial Corp. has a 52 week low of $15.71 and a 52 week high of $23.43. The stock has a fifty day moving average of $18.99 and a 200-day moving average of $17.89. The stock has a market capitalization of $3.15 billion, a P/E ratio of 15.62 and a beta of 0.44.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The business had revenue of $126.45 million during the quarter, compared to analysts’ expectations of $126.75 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. On average, research analysts forecast that CVB Financial Corp. will post 1.43 earnings per share for the current year.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 3.55%. CVB Financial’s payout ratio is presently 55.94%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVBF. Piper Sandler cut their target price on CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Wedbush reissued a “neutral” rating and set a $20.00 price target on shares of CVB Financial in a report on Thursday, October 24th. Stephens boosted their price target on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods raised CVB Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $20.00 to $22.00 in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.80.

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.