Everence Capital Management Inc. Buys 5,550 Shares of CVB Financial Corp. (NASDAQ:CVBF)

Everence Capital Management Inc. lifted its stake in CVB Financial Corp. (NASDAQ:CVBF) by 40.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,330 shares of the financial services provider’s stock after acquiring an additional 5,550 shares during the period. Everence Capital Management Inc.’s holdings in CVB Financial were worth $403,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP grew its stake in CVB Financial by 4.3% during the 1st quarter. First Trust Advisors LP now owns 174,758 shares of the financial services provider’s stock worth $3,679,000 after buying an additional 7,255 shares during the last quarter. BlackRock Inc. grew its stake in CVB Financial by 1.5% during the 1st quarter. BlackRock Inc. now owns 16,077,227 shares of the financial services provider’s stock worth $338,424,000 after buying an additional 236,747 shares during the last quarter. Champlain Investment Partners LLC grew its stake in CVB Financial by 1.5% during the 1st quarter. Champlain Investment Partners LLC now owns 2,229,415 shares of the financial services provider’s stock worth $46,929,000 after buying an additional 32,510 shares during the last quarter. Marshall Wace LLP purchased a new position in CVB Financial during the 1st quarter worth $846,000. Finally, Oregon Public Employees Retirement Fund grew its stake in CVB Financial by 1.8% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 40,375 shares of the financial services provider’s stock worth $849,000 after buying an additional 700 shares during the last quarter. 64.19% of the stock is owned by hedge funds and other institutional investors.

CVBF has been the topic of several research analyst reports. ValuEngine upgraded CVB Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, September 4th. BidaskClub upgraded CVB Financial from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 6th. Janney Montgomery Scott downgraded CVB Financial from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research note on Friday, July 19th. Finally, Zacks Investment Research downgraded CVB Financial from a “hold” rating to a “sell” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $23.33.

CVB Financial stock traded up $0.04 during trading hours on Wednesday, hitting $20.07. 6,686 shares of the stock traded hands, compared to its average volume of 578,977. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.85 and a quick ratio of 0.85. The firm’s 50 day moving average price is $20.80 and its 200-day moving average price is $21.06. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 16.19 and a beta of 1.07. CVB Financial Corp. has a 1 year low of $19.21 and a 1 year high of $23.51.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.03. The business had revenue of $129.26 million for the quarter, compared to the consensus estimate of $121.72 million. CVB Financial had a return on equity of 10.02% and a net margin of 37.43%. During the same quarter in the previous year, the business earned $0.32 EPS. Research analysts forecast that CVB Financial Corp. will post 1.49 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 17th. Shareholders of record on Wednesday, October 2nd will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, October 1st. This represents a $0.72 annualized dividend and a yield of 3.59%. CVB Financial’s payout ratio is presently 58.06%.

In other CVB Financial news, CEO Christopher D. Myers sold 4,600 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $22.04, for a total transaction of $101,384.00. Following the sale, the chief executive officer now owns 229,557 shares in the company, valued at approximately $5,059,436.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.50% of the stock is currently owned by insiders.

About CVB Financial

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank that provides banking and financial products and services. 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.

Further Reading: Why do company’s buyback their stock?

Institutional Ownership by Quarter for CVB Financial (NASDAQ:CVBF)

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