SpiderRock Advisors LLC Invests $353,000 in CVB Financial Corp. (NASDAQ:CVBF)

SpiderRock Advisors LLC bought a new position in shares of CVB Financial Corp. (NASDAQ:CVBF) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 21,266 shares of the financial services provider’s stock, valued at approximately $353,000.

Other institutional investors have also modified their holdings of the company. Strs Ohio purchased a new position in CVB Financial during the fourth quarter valued at approximately $36,000. GAMMA Investing LLC purchased a new stake in shares of CVB Financial during the fourth quarter worth about $102,000. Headlands Technologies LLC purchased a new stake in CVB Financial during the 4th quarter valued at about $122,000. Assetmark Inc. grew its stake in CVB Financial by 141.5% during the 4th quarter. Assetmark Inc. now owns 8,598 shares of the financial services provider’s stock valued at $174,000 after acquiring an additional 5,038 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new position in CVB Financial in the third quarter valued at approximately $218,000. 74.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at CVB Financial

In other news, Director George A. Borba, Jr. acquired 34,200 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was acquired at an average cost of $15.99 per share, for a total transaction of $546,858.00. Following the acquisition, the director now directly owns 660,511 shares in the company, valued at approximately $10,561,570.89. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director George A. Borba, Jr. purchased 4,610 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was purchased at an average cost of $16.00 per share, for a total transaction of $73,760.00. Following the acquisition, the director now owns 665,121 shares in the company, valued at $10,641,936. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director George A. Borba, Jr. purchased 34,200 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was bought at an average price of $15.99 per share, with a total value of $546,858.00. Following the completion of the acquisition, the director now owns 660,511 shares in the company, valued at approximately $10,561,570.89. The disclosure for this purchase can be found here. Insiders bought a total of 39,910 shares of company stock worth $638,669 in the last ninety days. Insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wedbush reiterated a “neutral” rating and set a $19.00 price target on shares of CVB Financial in a research report on Thursday, April 25th. Keefe, Bruyette & Woods reduced their target price on shares of CVB Financial from $20.00 to $19.00 and set a “market perform” rating on the stock in a report on Friday, April 26th. Janney Montgomery Scott lowered shares of CVB Financial from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 22nd. Hovde Group lowered shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price target on the stock. in a research note on Monday, April 22nd. Finally, Stephens restated an “equal weight” rating and set a $20.00 target price on shares of CVB Financial in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat, CVB Financial has a consensus rating of “Hold” and a consensus price target of $19.00.

CVB Financial Price Performance

NASDAQ:CVBF traded down $0.11 during trading hours on Friday, reaching $16.75. 139,731 shares of the company traded hands, compared to its average volume of 800,916. CVB Financial Corp. has a 1-year low of $12.89 and a 1-year high of $21.77. The stock has a market cap of $2.34 billion, a P/E ratio of 11.07 and a beta of 0.47. The firm’s 50-day moving average is $16.69 and its 200-day moving average is $17.45.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, hitting the consensus estimate of $0.35. The firm had revenue of $126.57 million during the quarter, compared to analysts’ expectations of $127.46 million. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. CVB Financial’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS. As a group, research analysts predict that CVB Financial Corp. will post 1.41 earnings per share for the current year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, July 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.78%. CVB Financial’s payout ratio is 52.63%.

CVB Financial 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.