State of New Jersey Common Pension Fund D Lowers Stake in CVB Financial Corp. (NASDAQ:CVBF)

State of New Jersey Common Pension Fund D lowered its stake in shares of CVB Financial Corp. (NASDAQ:CVBF) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,862 shares of the financial services provider’s stock after selling 3,307 shares during the period. State of New Jersey Common Pension Fund D owned 0.08% of CVB Financial worth $1,922,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CVBF. SG Americas Securities LLC purchased a new stake in CVB Financial during the first quarter worth $320,000. Russell Investments Group Ltd. lifted its holdings in shares of CVB Financial by 9,211.9% during the 1st quarter. Russell Investments Group Ltd. now owns 12,571 shares of the financial services provider’s stock valued at $224,000 after purchasing an additional 12,436 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of CVB Financial by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 26,820 shares of the financial services provider’s stock valued at $478,000 after purchasing an additional 1,844 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of CVB Financial by 50.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 56,994 shares of the financial services provider’s stock valued at $951,000 after purchasing an additional 18,990 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in shares of CVB Financial by 23.3% during the 1st quarter. Edgestream Partners L.P. now owns 96,327 shares of the financial services provider’s stock valued at $1,718,000 after purchasing an additional 18,228 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

CVB Financial Trading Down 0.4 %

Shares of CVBF stock opened at $22.52 on Monday. CVB Financial Corp. has a twelve month low of $15.71 and a twelve month high of $23.43. The stock has a 50 day moving average of $19.09 and a 200 day moving average of $17.94. The stock has a market cap of $3.15 billion, a P/E ratio of 15.75 and a beta of 0.44.

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

CVB Financial Announces Dividend

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

Analysts Set New Price Targets

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

CVB Financial 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.