KLP Kapitalforvaltning AS Invests $622,000 in CVB Financial Corp. (NASDAQ:CVBF)

KLP Kapitalforvaltning AS purchased a new stake in shares of CVB Financial Corp. (NASDAQ:CVBF) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 28,800 shares of the financial services provider’s stock, valued at approximately $622,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Xponance Inc. acquired a new position in shares of CVB Financial during the 4th quarter worth $204,000. Intech Investment Management LLC boosted its holdings in CVB Financial by 81.0% in the fourth quarter. Intech Investment Management LLC now owns 67,229 shares of the financial services provider’s stock worth $1,439,000 after purchasing an additional 30,095 shares in the last quarter. Cibc World Markets Corp acquired a new position in CVB Financial during the fourth quarter worth $265,000. Natixis Advisors LLC increased its position in CVB Financial by 13.1% during the fourth quarter. Natixis Advisors LLC now owns 30,071 shares of the financial services provider’s stock worth $644,000 after buying an additional 3,488 shares during the last quarter. Finally, Swiss National Bank raised its holdings in CVB Financial by 0.8% during the fourth quarter. Swiss National Bank now owns 274,700 shares of the financial services provider’s stock valued at $5,881,000 after buying an additional 2,100 shares in the last quarter. Institutional investors and hedge funds own 74.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CVBF. Keefe, Bruyette & Woods raised their price objective on CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Stephens lowered their target price on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.20.

CVB Financial Price Performance

CVBF opened at $18.44 on Thursday. The company has a market capitalization of $2.57 billion, a P/E ratio of 12.81 and a beta of 0.46. The firm’s fifty day moving average price is $19.71 and its two-hundred day moving average price is $20.37. CVB Financial Corp. has a fifty-two week low of $15.71 and a fifty-two week high of $24.58.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.02. CVB Financial had a net margin of 29.32% and a return on equity of 9.35%. On average, equities research analysts expect that CVB Financial Corp. will post 1.41 EPS for the current fiscal year.

CVB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 16th. Shareholders of record on Wednesday, April 2nd will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.34%. CVB Financial’s payout ratio is presently 55.56%.

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.