Arizona State Retirement System Reduces Stake in CVB Financial Corp. (NASDAQ:CVBF)

Arizona State Retirement System lowered its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 1.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 38,953 shares of the financial services provider’s stock after selling 707 shares during the quarter. Arizona State Retirement System’s holdings in CVB Financial were worth $786,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CVBF. Citigroup Inc. lifted its stake in shares of CVB Financial by 20.6% in the 1st quarter. Citigroup Inc. now owns 121,451 shares of the financial services provider’s stock valued at $2,818,000 after purchasing an additional 20,745 shares during the period. Natixis Advisors L.P. bought a new position in CVB Financial during the 1st quarter valued at approximately $422,000. Bank of Montreal Can increased its position in CVB Financial by 5.6% during the 1st quarter. Bank of Montreal Can now owns 40,228 shares of the financial services provider’s stock valued at $942,000 after buying an additional 2,135 shares in the last quarter. MetLife Investment Management LLC increased its position in CVB Financial by 63.5% during the 1st quarter. MetLife Investment Management LLC now owns 72,516 shares of the financial services provider’s stock valued at $1,683,000 after buying an additional 28,159 shares in the last quarter. Finally, Rhumbline Advisers increased its position in CVB Financial by 3.2% during the 1st quarter. Rhumbline Advisers now owns 417,911 shares of the financial services provider’s stock valued at $9,700,000 after buying an additional 12,818 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Insider Activity

In other CVB Financial news, CEO David A. Brager acquired 2,000 shares of the stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average cost of $16.75 per share, for a total transaction of $33,500.00. Following the completion of the transaction, the chief executive officer now directly owns 152,814 shares of the company’s stock, valued at $2,559,634.50. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director George A. Borba, Jr. bought 59,601 shares of CVB Financial stock in a transaction dated Tuesday, February 6th. The shares were purchased at an average cost of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the acquisition, the director now owns 626,311 shares of the company’s stock, valued at approximately $10,509,498.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David A. Brager bought 2,000 shares of CVB Financial stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average cost of $16.75 per share, for a total transaction of $33,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 152,814 shares of the company’s stock, valued at approximately $2,559,634.50. The disclosure for this purchase can be found here. Insiders have acquired 63,601 shares of company stock worth $1,067,145 over the last ninety days. Corporate insiders own 6.00% of the company’s stock.

CVB Financial Stock Performance

NASDAQ CVBF opened at $15.85 on Thursday. The company has a market capitalization of $2.21 billion, a PE ratio of 9.97 and a beta of 0.46. The business’s fifty day moving average is $17.07 and its 200 day moving average is $17.68. CVB Financial Corp. has a fifty-two week low of $10.66 and a fifty-two week high of $21.77.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. CVB Financial had a return on equity of 11.50% and a net margin of 33.26%. The company had revenue of $138.52 million for the quarter, compared to the consensus estimate of $134.88 million. On average, sell-side analysts forecast that CVB Financial Corp. will post 1.49 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were given a $0.20 dividend. The ex-dividend date was Tuesday, April 2nd. This represents a $0.80 annualized dividend and a dividend yield of 5.05%. CVB Financial’s payout ratio is 50.31%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. StockNews.com raised CVB Financial to a “sell” rating in a report on Friday, January 5th. Wedbush cut their price objective on CVB Financial from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Finally, Keefe, Bruyette & Woods cut their price objective on CVB Financial from $22.00 to $20.00 and set a “market perform” rating for the company in a report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, CVB Financial has a consensus rating of “Hold” and an average price target of $20.67.

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.