CVB Financial Corp. (NASDAQ:CVBF) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in CVB Financial Corp. (NASDAQ:CVBF) by 25.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 363,494 shares of the financial services provider’s stock after purchasing an additional 74,004 shares during the period. JPMorgan Chase & Co. owned about 0.26% of CVB Financial worth $6,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in CVB Financial in the third quarter worth approximately $27,000. GAMMA Investing LLC increased its position in shares of CVB Financial by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $78,000 after purchasing an additional 780 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of CVB Financial in the 3rd quarter valued at $107,000. LMR Partners LLP purchased a new stake in shares of CVB Financial during the 3rd quarter worth $215,000. Finally, Profund Advisors LLC grew its stake in shares of CVB Financial by 14.0% during the second quarter. Profund Advisors LLC now owns 13,478 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 1,655 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

CVB Financial Stock Performance

Shares of CVBF stock opened at $20.77 on Thursday. The stock’s 50-day moving average is $22.29 and its two-hundred day moving average is $19.59. CVB Financial Corp. has a 1 year low of $15.71 and a 1 year high of $24.58. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 14.52 and a beta of 0.50.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The firm had revenue of $126.45 million for the quarter, compared to the consensus estimate of $126.75 million. During the same quarter last year, the business posted $0.42 EPS. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. As a group, research analysts predict that CVB Financial Corp. will post 1.43 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.20 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.80 annualized dividend and a yield of 3.85%. CVB Financial’s dividend payout ratio (DPR) is 55.94%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Wedbush reissued a “neutral” rating and set a $20.00 target price on shares of CVB Financial in a research report on Thursday, October 24th. Finally, Piper Sandler lowered their price target on CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Four 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 presently has a consensus rating of “Hold” and a consensus target price of $21.80.

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.