Envestnet Asset Management Inc. Reduces Stock Position in CVB Financial Corp. (NASDAQ:CVBF)

Envestnet Asset Management Inc. decreased its stake in shares of CVB Financial Corp. (NASDAQ:CVBF) by 7.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 39,298 shares of the financial services provider’s stock after selling 2,977 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CVB Financial were worth $841,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVBF. Wells Fargo & Company MN raised its holdings in shares of CVB Financial by 16.7% during the 4th quarter. Wells Fargo & Company MN now owns 120,091 shares of the financial services provider’s stock worth $2,571,000 after acquiring an additional 17,227 shares during the period. World Investment Advisors raised its stake in CVB Financial by 17.8% during the fourth quarter. World Investment Advisors now owns 26,929 shares of the financial services provider’s stock worth $580,000 after purchasing an additional 4,075 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in CVB Financial in the 4th quarter valued at about $31,064,000. Trexquant Investment LP boosted its holdings in CVB Financial by 101.2% in the 4th quarter. Trexquant Investment LP now owns 46,384 shares of the financial services provider’s stock valued at $993,000 after purchasing an additional 23,333 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of CVB Financial by 99.6% in the 4th quarter. Wellington Management Group LLP now owns 969,415 shares of the financial services provider’s stock valued at $20,755,000 after buying an additional 483,844 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CVBF shares. Stephens reduced their price target on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Monday, January 27th. Piper Sandler reduced their target price on CVB Financial from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, CVB Financial currently has a consensus rating of “Hold” and a consensus target price of $23.50.

CVB Financial Price Performance

Shares of CVBF opened at $18.75 on Friday. The firm has a 50-day simple moving average of $18.40 and a two-hundred day simple moving average of $20.27. The stock has a market cap of $2.61 billion, a PE ratio of 13.02 and a beta of 0.62. CVB Financial Corp. has a 1-year low of $15.75 and a 1-year high of $24.58.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. CVB Financial had a net margin of 29.32% and a return on equity of 9.35%. The firm had revenue of $126.67 million during the quarter, compared to the consensus estimate of $124.45 million. During the same quarter last year, the firm earned $0.35 EPS. As a group, sell-side analysts expect that CVB Financial Corp. will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 16th. Investors of record on Wednesday, April 2nd were issued a $0.20 dividend. The ex-dividend date was Wednesday, April 2nd. This represents a $0.80 annualized dividend and a dividend yield of 4.27%. CVB Financial’s dividend payout ratio is presently 55.17%.

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.