Cerity Partners LLC Raises Stock Position in CVB Financial Corp. (NASDAQ:CVBF)

Cerity Partners LLC grew its stake in CVB Financial Corp. (NASDAQ:CVBF) by 27.4% in the 3rd quarter, Holdings Channel reports. The firm owned 132,656 shares of the financial services provider’s stock after purchasing an additional 28,501 shares during the period. Cerity Partners LLC’s holdings in CVB Financial were worth $2,364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CVBF. Price T Rowe Associates Inc. MD raised its stake in CVB Financial by 4.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 105,803 shares of the financial services provider’s stock worth $1,888,000 after buying an additional 4,744 shares in the last quarter. Versant Capital Management Inc raised its position in shares of CVB Financial by 832.8% in the 2nd quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,574 shares in the last quarter. Diversified Trust Co lifted its stake in shares of CVB Financial by 8.4% in the 2nd quarter. Diversified Trust Co now owns 42,780 shares of the financial services provider’s stock valued at $738,000 after purchasing an additional 3,300 shares during the period. AlphaMark Advisors LLC bought a new stake in shares of CVB Financial during the second quarter valued at approximately $316,000. Finally, Blue Trust Inc. purchased a new stake in CVB Financial in the second quarter worth $418,000. 74.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CVBF shares. Piper Sandler lowered their price objective 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 research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $20.00 to $22.00 in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, CVB Financial has a consensus rating of “Hold” and an average target price of $20.80.

CVB Financial Price Performance

Shares of CVB Financial stock opened at $23.42 on Monday. CVB Financial Corp. has a 1 year low of $15.71 and a 1 year high of $24.58. The firm’s 50-day moving average is $20.23 and its 200 day moving average is $18.38. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 16.38 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 the consensus estimate of $0.35 by $0.02. The firm had revenue of $126.45 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. On average, equities analysts expect that CVB Financial Corp. will post 1.43 EPS for the current fiscal year.

CVB Financial Announces Dividend

The firm 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend was Monday, September 30th. CVB Financial’s payout ratio is 55.94%.

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.