ProShare Advisors LLC Cuts Holdings in CVB Financial Corp. (NASDAQ:CVBF)

ProShare Advisors LLC trimmed its holdings in shares of CVB Financial Corp. (NASDAQ:CVBF) by 23.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,489 shares of the financial services provider’s stock after selling 6,331 shares during the period. ProShare Advisors LLC’s holdings in CVB Financial were worth $353,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CVBF. CIBC Asset Management Inc purchased a new position in shares of CVB Financial during the 4th quarter worth approximately $268,000. Rafferty Asset Management LLC raised its stake in shares of CVB Financial by 27.8% during the 4th quarter. Rafferty Asset Management LLC now owns 214,850 shares of the financial services provider’s stock worth $4,338,000 after buying an additional 46,692 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in shares of CVB Financial by 368.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 721,112 shares of the financial services provider’s stock worth $14,559,000 after buying an additional 567,321 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of CVB Financial by 12.5% during the 4th quarter. Schroder Investment Management Group now owns 863,044 shares of the financial services provider’s stock worth $17,425,000 after buying an additional 95,970 shares in the last quarter. Finally, Woodward Diversified Capital LLC purchased a new position in shares of CVB Financial during the 4th quarter worth approximately $392,000. 74.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CVBF. Keefe, Bruyette & Woods raised CVB Financial from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $22.00 in a research note on Wednesday. Wedbush lowered their price target on CVB Financial from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Finally, Stephens upped their price target on CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.25.

CVB Financial Price Performance

CVBF opened at $18.02 on Thursday. The stock’s 50 day simple moving average is $17.74 and its 200 day simple moving average is $17.25. The stock has a market cap of $2.52 billion, a P/E ratio of 11.86 and a beta of 0.45. CVB Financial Corp. has a 1-year low of $14.62 and a 1-year high of $21.77.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. The firm had revenue of $125.27 million for the quarter, compared to analysts’ expectations of $126.86 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. CVB Financial’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 EPS. Research analysts expect that CVB Financial Corp. will post 1.4 EPS for the current fiscal year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 14th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend is Monday, September 30th. CVB Financial’s dividend payout ratio (DPR) is presently 52.63%.

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.