Kestra Investment Management LLC Invests $261,000 in CVB Financial Corp. (NASDAQ:CVBF)

Kestra Investment Management LLC bought a new stake in shares of CVB Financial Corp. (NASDAQ:CVBF) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 12,185 shares of the financial services provider’s stock, valued at approximately $261,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new stake in CVB Financial in the 3rd quarter valued at $8,653,000. Jacobs Asset Management LLC bought a new stake in shares of CVB Financial in the third quarter valued at about $4,455,000. Charles Schwab Investment Management Inc. increased its stake in CVB Financial by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,952,354 shares of the financial services provider’s stock valued at $88,251,000 after acquiring an additional 181,769 shares during the period. Barclays PLC raised its holdings in CVB Financial by 79.5% in the 3rd quarter. Barclays PLC now owns 291,011 shares of the financial services provider’s stock valued at $5,186,000 after acquiring an additional 128,869 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of CVB Financial by 87.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 213,159 shares of the financial services provider’s stock worth $3,798,000 after acquiring an additional 99,554 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CVBF. Keefe, Bruyette & Woods upped their target price 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 reduced their price objective on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Wedbush reissued a “neutral” rating and issued a $20.00 target price on shares of CVB Financial in a research note on Thursday, October 24th. Finally, Piper Sandler cut their price target on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $22.20.

CVB Financial Stock Down 0.1 %

Shares of CVBF stock opened at $20.41 on Thursday. The company has a market capitalization of $2.85 billion, a P/E ratio of 14.17 and a beta of 0.50. CVB Financial Corp. has a 12-month low of $15.71 and a 12-month high of $24.58. The firm has a 50-day moving average price of $21.07 and a 200 day moving average price of $20.00.

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

CVB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend was Tuesday, December 31st. 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.