Thrivent Financial for Lutherans Sells 7,064 Shares of CVB Financial Corp. (NASDAQ:CVBF)

Thrivent Financial for Lutherans cut its stake in CVB Financial Corp. (NASDAQ:CVBF) by 5.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,605 shares of the financial services provider’s stock after selling 7,064 shares during the quarter. Thrivent Financial for Lutherans’ holdings in CVB Financial were worth $1,959,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Arizona State Retirement System increased its stake in shares of CVB Financial by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 39,018 shares of the financial services provider’s stock valued at $673,000 after acquiring an additional 725 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of CVB Financial by 5.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,538 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 748 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of CVB Financial by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider’s stock valued at $1,150,000 after acquiring an additional 1,100 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of CVB Financial by 1.1% in the 1st quarter. Texas Permanent School Fund Corp now owns 115,600 shares of the financial services provider’s stock valued at $2,062,000 after acquiring an additional 1,299 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of CVB Financial by 1.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 114,509 shares of the financial services provider’s stock valued at $2,041,000 after acquiring an additional 1,396 shares during the last quarter. 74.18% of the stock is owned by institutional investors.

CVB Financial Stock Performance

NASDAQ CVBF opened at $17.39 on Wednesday. The business has a 50 day simple moving average of $17.77 and a 200 day simple moving average of $17.24. CVB Financial Corp. has a 52-week low of $14.62 and a 52-week high of $21.77. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 11.44 and a beta of 0.45.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The firm had revenue of $125.27 million during the quarter, compared to the consensus estimate of $126.86 million. During the same quarter in the prior year, the firm posted $0.40 EPS. The business’s revenue was down 5.2% on a year-over-year basis. On average, analysts predict that CVB Financial Corp. will post 1.4 EPS for the current year.

CVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 14th. Shareholders of record on Monday, September 30th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date is Monday, September 30th. CVB Financial’s dividend payout ratio (DPR) is currently 52.63%.

Analyst Ratings Changes

A number of brokerages have recently commented on CVBF. Stephens upped their price target on CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $20.00 target price (up from $19.00) on shares of CVB Financial in a research note on Friday, July 26th. Finally, Wedbush lowered their target price on CVB Financial from $21.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, CVB Financial presently has an average rating of “Hold” and an average target price of $19.75.

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.