Chartwell Investment Partners LLC Sells 44,984 Shares of CVB Financial Corp. (NASDAQ:CVBF)

Chartwell Investment Partners LLC lessened its stake in shares of CVB Financial Corp. (NASDAQ:CVBF) by 10.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 401,249 shares of the financial services provider’s stock after selling 44,984 shares during the period. Chartwell Investment Partners LLC’s holdings in CVB Financial were worth $7,150,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of CVB Financial by 12.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,891 shares of the financial services provider’s stock valued at $1,434,000 after acquiring an additional 8,835 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of CVB Financial during the 3rd quarter valued at $27,000. Inspire Advisors LLC lifted its position in shares of CVB Financial by 4.1% during the 3rd quarter. Inspire Advisors LLC now owns 89,011 shares of the financial services provider’s stock valued at $1,586,000 after acquiring an additional 3,527 shares during the period. AlphaMark Advisors LLC raised its holdings in CVB Financial by 4.7% during the third quarter. AlphaMark Advisors LLC now owns 19,179 shares of the financial services provider’s stock worth $342,000 after buying an additional 859 shares during the last quarter. Finally, Diversified Trust Co raised its holdings in CVB Financial by 3.5% during the third quarter. Diversified Trust Co now owns 44,271 shares of the financial services provider’s stock worth $789,000 after buying an additional 1,491 shares during the last quarter. Institutional investors and hedge funds own 74.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CVBF shares. Wedbush restated a “neutral” rating and set a $20.00 price objective on shares of CVB Financial in a report on Thursday, October 24th. Stephens upped their price objective on shares of CVB Financial from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods upgraded shares of CVB Financial from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $20.00 to $22.00 in a report on Wednesday, October 2nd. Finally, Piper Sandler lowered their price objective on shares of CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, CVB Financial currently has an average rating of “Hold” and a consensus target price of $20.80.

CVB Financial Price Performance

Shares of CVBF stock opened at $23.07 on Tuesday. The firm has a 50-day moving average of $18.59 and a 200-day moving average of $17.73. The company has a market cap of $3.22 billion, a P/E ratio of 16.13 and a beta of 0.44. CVB Financial Corp. has a one year low of $15.71 and a one year high of $23.15.

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

CVB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 30th. This represents a $0.80 annualized dividend and a yield of 3.47%. CVB Financial’s payout ratio 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.