Ieq Capital LLC Trims Stock Position in CVB Financial Corporation $CVBF

Ieq Capital LLC cut its holdings in shares of CVB Financial Corporation (NASDAQ:CVBF) by 31.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,449 shares of the financial services provider’s stock after selling 9,899 shares during the quarter. Ieq Capital LLC’s holdings in CVB Financial were worth $396,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund lifted its position in CVB Financial by 2.4% during the first quarter. Illinois Municipal Retirement Fund now owns 71,615 shares of the financial services provider’s stock worth $1,322,000 after buying an additional 1,671 shares during the period. Principal Financial Group Inc. lifted its position in CVB Financial by 2.7% during the first quarter. Principal Financial Group Inc. now owns 654,007 shares of the financial services provider’s stock worth $12,073,000 after buying an additional 17,205 shares during the period. GAMMA Investing LLC lifted its position in CVB Financial by 1,845.6% during the first quarter. GAMMA Investing LLC now owns 93,777 shares of the financial services provider’s stock worth $1,731,000 after buying an additional 88,957 shares during the period. Natixis Advisors LLC lifted its position in CVB Financial by 58.1% during the first quarter. Natixis Advisors LLC now owns 47,547 shares of the financial services provider’s stock worth $878,000 after buying an additional 17,476 shares during the period. Finally, KBC Group NV lifted its position in CVB Financial by 20.4% during the first quarter. KBC Group NV now owns 7,231 shares of the financial services provider’s stock worth $133,000 after buying an additional 1,226 shares during the period. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

CVB Financial Stock Performance

CVBF stock opened at $20.45 on Friday. CVB Financial Corporation has a 1 year low of $16.01 and a 1 year high of $24.58. The firm has a market cap of $2.82 billion, a P/E ratio of 14.10 and a beta of 0.71. The stock has a 50-day simple moving average of $19.97 and a 200-day simple moving average of $19.17.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%.The business had revenue of $126.35 million during the quarter, compared to analyst estimates of $127.95 million. During the same quarter last year, the firm earned $0.36 earnings per share. On average, equities research analysts predict that CVB Financial Corporation will post 1.41 EPS for the current year.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Thursday, July 10th were paid a $0.20 dividend. The ex-dividend date was Thursday, July 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.9%. CVB Financial’s dividend payout ratio (DPR) is 55.17%.

Insider Activity

In related news, Director George A. Borba, Jr. bought 53,567 shares of the stock in a transaction dated Monday, August 4th. The stock was acquired at an average price of $18.67 per share, for a total transaction of $1,000,095.89. Following the completion of the purchase, the director owned 718,688 shares in the company, valued at $13,417,904.96. This represents a 8.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 6.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CVBF. Keefe, Bruyette & Woods dropped their price target on CVB Financial from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, July 25th. Piper Sandler upped their price target on CVB Financial from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.25.

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.