Franklin Resources Inc. Sells 7,833 Shares of CVB Financial Corp. (NASDAQ:CVBF)

Franklin Resources Inc. cut its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 17.6% during the 4th quarter, Holdings Channel reports. The fund owned 36,698 shares of the financial services provider’s stock after selling 7,833 shares during the period. Franklin Resources Inc.’s holdings in CVB Financial were worth $786,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of CVBF. Nomura Asset Management Co. Ltd. raised its position in shares of CVB Financial by 80.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 720 shares during the period. Hopwood Financial Services Inc. bought a new position in CVB Financial during the fourth quarter valued at $53,000. Smartleaf Asset Management LLC increased its holdings in shares of CVB Financial by 144.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider’s stock worth $95,000 after buying an additional 2,597 shares during the last quarter. KBC Group NV raised its position in shares of CVB Financial by 35.0% during the 4th quarter. KBC Group NV now owns 6,005 shares of the financial services provider’s stock valued at $129,000 after buying an additional 1,556 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of CVB Financial by 17.7% in the 4th quarter. Blue Trust Inc. now owns 6,108 shares of the financial services provider’s stock valued at $131,000 after acquiring an additional 918 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Analyst Ratings Changes

Separately, Stephens lowered their price target on CVB Financial from $25.00 to $23.00 and set an “equal weight” rating for the company in a research report on Monday, January 27th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $22.20.

CVB Financial Stock Performance

CVBF stock opened at $17.47 on Thursday. The firm’s fifty day moving average is $18.80 and its 200 day moving average is $20.25. The firm has a market cap of $2.43 billion, a PE ratio of 12.13 and a beta of 0.62. CVB Financial Corp. has a one year low of $15.75 and a one year high of $24.58.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, January 22nd. 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 9.35% and a net margin of 29.32%. Research analysts predict that CVB Financial Corp. will post 1.41 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 2nd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.58%. The ex-dividend date of this dividend was Wednesday, April 2nd. CVB Financial’s dividend payout ratio is currently 55.56%.

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.