Principal Financial Group Inc. Sells 2,304,435 Shares of CVB Financial Corp. (NASDAQ:CVBF)

Principal Financial Group Inc. reduced its position in shares of CVB Financial Corp. (NASDAQ:CVBF) by 78.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 619,068 shares of the financial services provider’s stock after selling 2,304,435 shares during the quarter. Principal Financial Group Inc.’s holdings in CVB Financial were worth $11,032,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in CVB Financial by 12.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,891 shares of the financial services provider’s stock worth $1,434,000 after purchasing an additional 8,835 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in CVB Financial during the 3rd quarter worth about $27,000. Inspire Advisors LLC raised its holdings in CVB Financial by 4.1% during the 3rd quarter. Inspire Advisors LLC now owns 89,011 shares of the financial services provider’s stock worth $1,586,000 after purchasing an additional 3,527 shares during the last quarter. AlphaMark Advisors LLC increased its stake in shares of CVB Financial by 4.7% in the 3rd quarter. AlphaMark Advisors LLC now owns 19,179 shares of the financial services provider’s stock valued at $342,000 after acquiring an additional 859 shares during the last quarter. Finally, Diversified Trust Co increased its stake in shares of CVB Financial by 3.5% in the 3rd quarter. Diversified Trust Co now owns 44,271 shares of the financial services provider’s stock valued at $789,000 after acquiring an additional 1,491 shares during the last quarter. 74.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Piper Sandler lowered their price target on CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Keefe, Bruyette & Woods raised CVB Financial from a “market perform” rating to an “outperform” rating and upped their price target for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. 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. Finally, Wedbush reaffirmed a “neutral” rating and issued a $20.00 price target on shares of CVB Financial in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, CVB Financial currently has an average rating of “Hold” and an average price target of $20.80.

CVB Financial Stock Performance

Shares of CVBF stock opened at $22.52 on Monday. The company has a market capitalization of $3.15 billion, a P/E ratio of 15.75 and a beta of 0.44. The company’s 50 day moving average price is $19.09 and its two-hundred day moving average price is $17.94. CVB Financial Corp. has a 52 week low of $15.71 and a 52 week high of $23.43.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. The firm had revenue of $126.45 million for the quarter, compared to the consensus estimate of $126.75 million. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The business’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period last year, the company posted $0.42 EPS. Analysts forecast that CVB Financial Corp. will post 1.43 earnings per share for the current year.

CVB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, September 30th. This represents a $0.80 annualized dividend and a yield of 3.55%. CVB Financial’s dividend payout ratio (DPR) is currently 55.94%.

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.