Persistent Asset Partners Ltd Acquires Shares of 28,063 CVB Financial Corporation $CVBF

Persistent Asset Partners Ltd acquired a new stake in shares of CVB Financial Corporation (NASDAQ:CVBF) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,063 shares of the financial services provider’s stock, valued at approximately $522,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in CVB Financial by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,281,980 shares of the financial services provider’s stock valued at $135,447,000 after purchasing an additional 171,971 shares during the period. Charles Schwab Investment Management Inc. raised its position in CVB Financial by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,488,821 shares of the financial services provider’s stock valued at $102,092,000 after purchasing an additional 67,563 shares during the period. HoldCo Asset Management LP raised its position in CVB Financial by 17,051.0% during the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock valued at $41,366,000 after purchasing an additional 2,211,005 shares during the period. Victory Capital Management Inc. raised its position in CVB Financial by 3.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,031,381 shares of the financial services provider’s stock valued at $37,784,000 after purchasing an additional 74,914 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in CVB Financial by 2.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,739,743 shares of the financial services provider’s stock valued at $32,359,000 after purchasing an additional 39,771 shares during the period. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at CVB Financial

In other CVB Financial news, Director George A. Borba, Jr. bought 50,242 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average price of $19.90 per share, with a total value of $999,815.80. Following the completion of the purchase, the director owned 796,024 shares in the company, valued at $15,840,877.60. This represents a 6.74% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 6.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CVBF shares. Weiss Ratings upgraded CVB Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, April 10th. Piper Sandler upped their price objective on CVB Financial from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Finally, Stephens reaffirmed an “equal weight” rating and set a $23.00 target price on shares of CVB Financial in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, CVB Financial currently has an average rating of “Moderate Buy” and an average target price of $24.13.

CVB Financial Trading Up 1.9%

CVBF opened at $21.24 on Wednesday. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of 13.97 and a beta of 0.66. The stock’s 50 day moving average price is $20.36 and its 200-day moving average price is $19.91. CVB Financial Corporation has a one year low of $17.94 and a one year high of $21.63. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.73 and a current ratio of 0.73.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.38 EPS for the quarter, meeting analysts’ consensus estimates of $0.38. The firm had revenue of $132.12 million for the quarter, compared to analysts’ expectations of $162.29 million. CVB Financial had a return on equity of 9.16% and a net margin of 32.05%.During the same quarter in the prior year, the firm posted $0.36 earnings per share. On average, equities analysts forecast that CVB Financial Corporation will post 1.56 EPS for the current year.

About CVB Financial

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.