Rafferty Asset Management LLC Reduces Position in CVB Financial Corp. (NASDAQ:CVBF)

Rafferty Asset Management LLC cut its stake in shares of CVB Financial Corp. (NASDAQ:CVBF) by 21.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,156 shares of the financial services provider’s stock after selling 37,828 shares during the quarter. Rafferty Asset Management LLC owned about 0.10% of CVB Financial worth $2,979,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CVBF. Nomura Asset Management Co. Ltd. grew its holdings in shares of CVB Financial by 80.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider’s stock valued at $35,000 after buying an additional 720 shares during the last quarter. Hopwood Financial Services Inc. purchased a new stake in CVB Financial in the fourth quarter valued at $53,000. Sterling Capital Management LLC boosted its holdings in CVB Financial by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 3,719 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in CVB Financial by 144.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider’s stock valued at $95,000 after purchasing an additional 2,597 shares during the last quarter. Finally, KBC Group NV boosted its holdings in CVB Financial by 35.0% in the fourth quarter. KBC Group NV now owns 6,005 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 1,556 shares during the last quarter. 74.18% of the stock is owned by hedge funds and other institutional investors.

CVB Financial Stock Down 0.6%

CVBF stock opened at $19.67 on Tuesday. The company’s 50-day simple moving average is $18.39 and its 200-day simple moving average is $20.29. CVB Financial Corp. has a 52-week low of $15.75 and a 52-week high of $24.58. The firm has a market cap of $2.71 billion, a P/E ratio of 13.66 and a beta of 0.65.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. CVB Financial had a net margin of 29.32% and a return on equity of 9.35%. The business had revenue of $126.67 million for the quarter, compared to analyst estimates of $124.45 million. During the same period in the prior year, the company posted $0.35 EPS. On average, analysts anticipate that CVB Financial Corp. will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 2nd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.07%. The ex-dividend date was Wednesday, April 2nd. CVB Financial’s payout ratio is currently 55.17%.

Analysts Set New Price Targets

CVBF has been the topic of several recent research reports. Piper Sandler lowered their price target on shares of CVB Financial from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. Stephens lowered their price target on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating on the stock in a report on Monday, January 27th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $23.50.

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.