Allspring Global Investments Holdings LLC Makes New Investment in CVB Financial Corp. (NASDAQ:CVBF)

Allspring Global Investments Holdings LLC acquired a new position in shares of CVB Financial Corp. (NASDAQ:CVBF) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,510 shares of the financial services provider’s stock, valued at approximately $27,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. nVerses Capital LLC grew its holdings in shares of CVB Financial by 466.7% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,400 shares in the last quarter. Versant Capital Management Inc lifted its stake in CVB Financial by 832.8% in the second quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,574 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of CVB Financial during the second quarter worth $38,000. GAMMA Investing LLC boosted its holdings in shares of CVB Financial by 21.7% in the third quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock worth $78,000 after acquiring an additional 780 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of CVB Financial in the third quarter worth $107,000. 74.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

CVBF has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised CVB Financial from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a report on Wednesday, October 2nd. Wedbush reissued a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a research note on Thursday, October 24th. Piper Sandler dropped their price objective 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. Finally, Stephens lifted their price target on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $20.80.

CVB Financial Trading Up 1.8 %

Shares of CVBF opened at $19.31 on Wednesday. The firm has a market cap of $2.70 billion, a PE ratio of 13.50 and a beta of 0.44. The firm has a fifty day simple moving average of $18.37 and a two-hundred day simple moving average of $17.62. CVB Financial Corp. has a 1-year low of $15.71 and a 1-year high of $21.77.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $126.75 million. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. CVB Financial’s revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 EPS. As a group, research analysts forecast that CVB Financial Corp. will post 1.41 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were paid a $0.20 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 4.14%. CVB Financial’s payout ratio is presently 55.94%.

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.