Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in CVB Financial Corp. (NASDAQ:CVBF) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 5,287 shares of the financial services provider’s stock, valued at approximately $118,000.
Other hedge funds have also bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its stake in shares of CVB Financial by 6.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 652,102 shares of the financial services provider’s stock valued at $14,621,000 after buying an additional 40,758 shares during the period. Aperio Group LLC raised its stake in shares of CVB Financial by 40.5% in the second quarter. Aperio Group LLC now owns 41,843 shares of the financial services provider’s stock valued at $938,000 after buying an additional 12,058 shares during the period. Northern Trust Corp raised its stake in shares of CVB Financial by 0.9% in the second quarter. Northern Trust Corp now owns 2,348,953 shares of the financial services provider’s stock valued at $52,663,000 after buying an additional 21,711 shares during the period. Legal & General Group Plc raised its stake in shares of CVB Financial by 6.3% in the first quarter. Legal & General Group Plc now owns 218,229 shares of the financial services provider’s stock valued at $4,948,000 after buying an additional 12,866 shares during the period. Finally, UBS Group AG raised its stake in shares of CVB Financial by 5.8% in the first quarter. UBS Group AG now owns 70,136 shares of the financial services provider’s stock valued at $1,588,000 after buying an additional 3,860 shares during the period. 70.07% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:CVBF opened at $21.11 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.72 and a current ratio of 0.72. CVB Financial Corp. has a 52-week low of $20.49 and a 52-week high of $25.49. The firm has a market cap of $2.46 billion, a P/E ratio of 20.18, a P/E/G ratio of 1.80 and a beta of 1.38.
CVB Financial (NASDAQ:CVBF) last released its quarterly earnings data on Wednesday, July 18th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. CVB Financial had a return on equity of 12.20% and a net margin of 34.66%. The company had revenue of $82.38 million for the quarter, compared to analyst estimates of $81.70 million. During the same period in the previous year, the company posted $0.26 EPS. Research analysts forecast that CVB Financial Corp. will post 1.3 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 18th. Investors of record on Wednesday, October 3rd will be paid a dividend of $0.14 per share. The ex-dividend date is Tuesday, October 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.65%. CVB Financial’s payout ratio is 52.34%.
Several analysts have issued reports on CVBF shares. Zacks Investment Research upgraded CVB Financial from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Tuesday, September 18th. BidaskClub upgraded CVB Financial from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Piper Jaffray Companies set a $25.00 target price on CVB Financial and gave the company a “hold” rating in a research note on Monday, July 30th. Hovde Group set a $25.00 target price on CVB Financial and gave the company a “hold” rating in a research note on Monday, July 23rd. Finally, Sandler O’Neill restated a “hold” rating and issued a $24.50 target price on shares of CVB Financial in a research note on Friday, July 20th. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $25.50.
About CVB Financial
CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking, lending, and investment services. It operates in two segments, Banking Centers; and Dairy & Livestock and Agribusiness. The company offers checking, savings, and money market accounts, as well as time certificates of deposit; and serves as a federal tax depository for business customers.
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