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

Principal Financial Group Inc. decreased its position in CVB Financial Corp. (NASDAQ:CVBF) by 78.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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. owned approximately 0.44% of CVB Financial worth $11,032,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CVBF. Allspring Global Investments Holdings LLC bought a new position in CVB Financial during the third quarter worth $27,000. nVerses Capital LLC increased its position in CVB Financial by 466.7% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 1,400 shares during the period. Versant Capital Management Inc increased its position in CVB Financial by 832.8% during the second quarter. Versant Capital Management Inc now owns 1,763 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,574 shares during the period. Innealta Capital LLC bought a new position in CVB Financial during the second quarter worth $38,000. Finally, GAMMA Investing LLC increased its position in CVB Financial by 21.7% during 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. Institutional investors own 74.18% of the company’s stock.

CVB Financial Price Performance

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

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The company had revenue of $126.45 million for the quarter, compared to the consensus estimate of $126.75 million. During the same quarter in the previous year, the company earned $0.42 EPS. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. On average, equities research analysts expect that CVB Financial Corp. will post 1.43 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Stockholders 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 annualized dividend and a dividend yield of 3.55%. CVB Financial’s dividend payout ratio is presently 55.94%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Stephens boosted their target price on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Piper Sandler dropped their target price on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. Keefe, Bruyette & Woods upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Wedbush reiterated a “neutral” rating and set a $20.00 price target on shares of CVB Financial in a research note on Thursday, October 24th. One investment 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. According to MarketBeat, CVB Financial presently has a consensus rating of “Hold” and an average price target of $20.80.

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.