386,009 Shares in CVB Financial Corporation $CVBF Acquired by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in CVB Financial Corporation (NASDAQ:CVBF) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 386,009 shares of the financial services provider’s stock, valued at approximately $8,705,000. Legal & General Group Plc owned about 0.22% of CVB Financial at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CVBF. Louisiana State Employees Retirement System bought a new position in shares of CVB Financial in the 1st quarter valued at $1,096,000. Bessemer Group Inc. lifted its position in shares of CVB Financial by 34.1% during the 1st quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock worth $28,439,000 after buying an additional 372,732 shares during the last quarter. Bernzott Capital Advisors bought a new stake in shares of CVB Financial during the 1st quarter worth $8,054,000. Bank of America Corp DE boosted its stake in CVB Financial by 28.1% in the first quarter. Bank of America Corp DE now owns 925,555 shares of the financial services provider’s stock valued at $17,947,000 after buying an additional 202,857 shares in the last quarter. Finally, BlackRock Inc. bought a new position in CVB Financial in the second quarter valued at about $579,285,000. 74.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Piper Sandler boosted their target price on CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. DA Davidson lifted their price target on shares of CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Raymond James Financial upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research report on Wednesday, July 1st. Wall Street Zen raised shares of CVB Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings upgraded shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, July 24th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.25.

CVB Financial Stock Down 1.4%

Shares of NASDAQ:CVBF opened at $21.87 on Wednesday. The firm has a market cap of $3.85 billion, a P/E ratio of 15.08 and a beta of 0.64. CVB Financial Corporation has a 12-month low of $17.94 and a 12-month high of $23.41. The business has a fifty day simple moving average of $22.61 and a 200 day simple moving average of $20.95. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.17.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. The company had revenue of $179.43 million during the quarter, compared to the consensus estimate of $184.62 million. During the same quarter last year, the firm posted $0.36 EPS. Analysts predict that CVB Financial Corporation will post 1.72 earnings per share for the current year.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial’s dividend payout ratio is currently 55.17%.

Insider Buying and Selling at CVB Financial

In other news, COO David C. Harvey sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $22.94, for a total value of $917,600.00. Following the transaction, the chief operating officer owned 98,149 shares in the company, valued at approximately $2,251,538.06. The trade was a 28.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brien Raymond V. O. III acquired 20,000 shares of CVB Financial stock in a transaction dated Tuesday, July 28th. The stock was purchased at an average cost of $22.77 per share, for a total transaction of $455,400.00. Following the completion of the purchase, the director owned 85,780 shares in the company, valued at approximately $1,953,210.60. The trade was a 30.40% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 6.40% of the company’s stock.

CVB Financial Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.