State of New Jersey Common Pension Fund D Has $1.92 Million Holdings in CVB Financial Corp. (NASDAQ:CVBF)

State of New Jersey Common Pension Fund D cut its holdings in shares of CVB Financial Corp. (NASDAQ:CVBF) by 32.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 111,169 shares of the financial services provider’s stock after selling 53,224 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.08% of CVB Financial worth $1,917,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in CVB Financial by 104.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock worth $78,694,000 after acquiring an additional 1,994,369 shares during the period. Norges Bank acquired a new stake in shares of CVB Financial during the 4th quarter worth $29,134,000. Public Employees Retirement Association of Colorado increased its position in shares of CVB Financial by 368.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 721,112 shares of the financial services provider’s stock worth $14,559,000 after purchasing an additional 567,321 shares during the period. Vanguard Group Inc. raised its stake in CVB Financial by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 15,701,547 shares of the financial services provider’s stock valued at $317,014,000 after purchasing an additional 176,694 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in CVB Financial by 5.0% during the first quarter. Principal Financial Group Inc. now owns 3,059,293 shares of the financial services provider’s stock worth $54,578,000 after purchasing an additional 144,587 shares during the period. 74.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CVBF shares. Wedbush boosted their target price on shares of CVB Financial from $18.00 to $21.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Stephens lifted their price objective on shares of 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, Keefe, Bruyette & Woods restated a “market perform” rating and set a $20.00 target price (up from $19.00) on shares of CVB Financial in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, CVB Financial presently has a consensus rating of “Hold” and a consensus price target of $20.00.

Insider Activity

In other news, Director Kimberly H. Sheehy sold 2,961 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $17.14, for a total value of $50,751.54. Following the completion of the transaction, the director now owns 13,156 shares of the company’s stock, valued at $225,493.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.00% of the company’s stock.

CVB Financial Trading Down 1.7 %

Shares of CVB Financial stock opened at $18.25 on Friday. The firm has a market capitalization of $2.55 billion, a PE ratio of 12.01 and a beta of 0.45. The firm’s 50 day moving average is $17.97 and its 200 day moving average is $17.22. CVB Financial Corp. has a 1 year low of $14.62 and a 1 year high of $21.77.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a net margin of 29.58% and a return on equity of 10.41%. The firm had revenue of $125.27 million for the quarter, compared to analysts’ expectations of $126.86 million. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The company’s revenue was down 5.2% on a year-over-year basis. As a group, research analysts anticipate that CVB Financial Corp. will post 1.4 earnings per share for the current year.

CVB Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 14th. Shareholders of record on Monday, September 30th will be given a $0.20 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.80 annualized dividend and a yield of 4.38%. CVB Financial’s dividend payout ratio is presently 52.63%.

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.