Wellington Management Group LLP Takes $8.65 Million Position in CVB Financial Corp. (NASDAQ:CVBF)

Wellington Management Group LLP purchased a new position in shares of CVB Financial Corp. (NASDAQ:CVBF) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 485,571 shares of the financial services provider’s stock, valued at approximately $8,653,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. raised its stake in shares of CVB Financial by 1.0% during the second quarter. American Century Companies Inc. now owns 5,813,290 shares of the financial services provider’s stock valued at $100,221,000 after purchasing an additional 58,774 shares during the period. Dimensional Fund Advisors LP grew its holdings in CVB Financial by 16.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,649,691 shares of the financial services provider’s stock valued at $97,399,000 after purchasing an additional 816,176 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in CVB Financial by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,952,354 shares of the financial services provider’s stock worth $88,251,000 after buying an additional 181,769 shares during the period. Sei Investments Co. increased its stake in CVB Financial by 2.9% during the 2nd quarter. Sei Investments Co. now owns 628,921 shares of the financial services provider’s stock worth $10,843,000 after buying an additional 17,483 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in CVB Financial by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 291,836 shares of the financial services provider’s stock worth $5,031,000 after buying an additional 20,498 shares in the last quarter. 74.18% of the stock is owned by institutional investors and hedge funds.

CVB Financial Stock Down 0.6 %

Shares of CVB Financial stock opened at $22.71 on Monday. The business has a 50-day moving average price of $21.29 and a 200 day moving average price of $18.84. CVB Financial Corp. has a fifty-two week low of $15.71 and a fifty-two week high of $24.58. The firm has a market cap of $3.17 billion, a P/E ratio of 15.88 and a beta of 0.49.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share for the quarter, beating 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 the consensus estimate of $126.75 million. During the same period in the previous year, the business earned $0.42 EPS. The business’s quarterly revenue was down 8.2% on a year-over-year basis. As a group, equities research analysts anticipate that CVB Financial Corp. will post 1.43 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their target price on CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Wedbush restated a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research note 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 investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $21.80.

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.