Morgan Stanley raised its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 81.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 484,556 shares of the financial services provider’s stock after purchasing an additional 216,864 shares during the quarter. Morgan Stanley owned 0.35% of CVB Financial worth $10,190,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the business. Man Group plc boosted its holdings in shares of CVB Financial by 78.4% in the 2nd quarter. Man Group plc now owns 169,982 shares of the financial services provider’s stock valued at $3,574,000 after purchasing an additional 74,709 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of CVB Financial by 36.4% in the 2nd quarter. Bank of America Corp DE now owns 286,764 shares of the financial services provider’s stock valued at $6,029,000 after purchasing an additional 76,579 shares in the last quarter. Balyasny Asset Management LLC boosted its holdings in shares of CVB Financial by 42.0% in the 2nd quarter. Balyasny Asset Management LLC now owns 464,265 shares of the financial services provider’s stock valued at $9,763,000 after purchasing an additional 137,389 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of CVB Financial by 3.4% in the 2nd quarter. Invesco Ltd. now owns 1,014,230 shares of the financial services provider’s stock valued at $21,329,000 after purchasing an additional 33,629 shares in the last quarter. Finally, NumerixS Investment Technologies Inc acquired a new stake in shares of CVB Financial in the 2nd quarter valued at $32,000. 64.26% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on CVBF shares. Zacks Investment Research downgraded CVB Financial from a “hold” rating to a “sell” rating in a report on Monday. ValuEngine upgraded CVB Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, September 4th. BidaskClub upgraded CVB Financial from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 6th. Finally, Janney Montgomery Scott cut CVB Financial from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a research note on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $23.33.
CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.03. CVB Financial had a return on equity of 10.02% and a net margin of 37.43%. The company had revenue of $129.26 million during the quarter, compared to analysts’ expectations of $121.72 million. During the same period in the prior year, the company earned $0.32 EPS. As a group, equities analysts forecast that CVB Financial Corp. will post 1.49 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 17th. Stockholders of record on Wednesday, October 2nd will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Tuesday, October 1st. CVB Financial’s payout ratio is 58.06%.
In other news, CEO Christopher D. Myers sold 4,600 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $22.04, for a total value of $101,384.00. Following the completion of the transaction, the chief executive officer now directly owns 229,557 shares in the company, valued at approximately $5,059,436.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.50% of the stock is currently owned by corporate insiders.
About CVB Financial
CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking and financial products and services. The company offers checking, savings, and money market accounts, as well as time certificates of deposit; and serves as a federal tax depository for business customers.
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