CVB Financial Corp. (NASDAQ:CVBF) Stake Cut by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of CVB Financial Corp. (NASDAQ:CVBF) by 30.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 162,934 shares of the financial services provider’s stock after selling 72,650 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.12% of CVB Financial worth $2,903,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. lifted its stake in shares of CVB Financial by 1.0% in the 2nd quarter. American Century Companies Inc. now owns 5,813,290 shares of the financial services provider’s stock valued at $100,221,000 after purchasing an additional 58,774 shares during the last quarter. Seaside Wealth Management Inc. acquired a new stake in CVB Financial in the 2nd quarter valued at approximately $1,395,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of CVB Financial by 4.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 105,803 shares of the financial services provider’s stock worth $1,888,000 after buying an additional 4,744 shares during the last quarter. GAMMA Investing LLC grew its position in CVB Financial by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 780 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its position in CVB Financial by 1.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 114,509 shares of the financial services provider’s stock worth $2,041,000 after buying an additional 1,396 shares in the last quarter. Institutional investors and hedge funds own 74.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CVBF shares. Wedbush reiterated a “neutral” rating and set a $20.00 price target on shares of CVB Financial in a research note on Thursday, October 24th. 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 report on Wednesday, October 2nd. Finally, Piper Sandler decreased their price target on CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.80.

CVB Financial Stock Performance

Shares of CVBF opened at $23.83 on Monday. The stock has a fifty day moving average price of $19.67 and a two-hundred day moving average price of $18.15. CVB Financial Corp. has a 52-week low of $15.71 and a 52-week high of $23.99. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 16.66 and a beta of 0.44.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The company had revenue of $126.45 million during the quarter, compared to the consensus estimate of $126.75 million. During the same period in the previous year, the firm posted $0.42 earnings per share. The company’s revenue was down 8.2% on a year-over-year basis. As a group, research analysts predict that CVB Financial Corp. will post 1.43 EPS for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 14th. Stockholders of record on Monday, September 30th were paid a $0.20 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.36%. CVB Financial’s dividend payout ratio (DPR) is currently 55.94%.

CVB Financial Company Profile

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.