Hennion & Walsh Asset Management Inc. Purchases New Stake in CVB Financial Corporation $CVBF

Hennion & Walsh Asset Management Inc. acquired a new position in shares of CVB Financial Corporation (NASDAQ:CVBF) during the second quarter, HoldingsChannel.com reports. The firm acquired 28,998 shares of the financial services provider’s stock, valued at approximately $654,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its holdings in CVB Financial by 28.7% in the 1st quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock valued at $698,000 after buying an additional 8,432 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of CVB Financial by 36.6% during the 1st quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock worth $895,000 after acquiring an additional 12,992 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of CVB Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider’s stock worth $1,456,000 after acquiring an additional 3,442 shares during the period. Jones Financial Companies Lllp boosted its position in shares of CVB Financial by 848.1% during the 1st quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 13,527 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of CVB Financial by 9.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider’s stock valued at $8,458,000 after acquiring an additional 38,250 shares during the last quarter. Institutional investors and hedge funds own 74.18% of the company’s stock.

Insiders Place Their Bets

In related news, Director Brien Raymond V. O. III purchased 20,000 shares of CVB Financial stock in a transaction dated Tuesday, July 28th. The shares were acquired at an average cost of $22.77 per share, with a total value of $455,400.00. Following the purchase, the director owned 85,780 shares of the company’s stock, valued at approximately $1,953,210.60. The trade was a 30.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director George A. Borba, Jr. purchased 25,187 shares of CVB Financial stock in a transaction dated Tuesday, May 19th. The stock was bought at an average cost of $19.85 per share, for a total transaction of $499,961.95. Following the completion of the purchase, the director directly owned 846,308 shares in the company, valued at approximately $16,799,213.80. This trade represents a 3.07% increase in their position. The SEC filing for this purchase provides additional information. 6.40% of the stock is currently owned by insiders.

CVB Financial Stock Performance

Shares of CVB Financial stock opened at $23.25 on Friday. CVB Financial Corporation has a 52 week low of $17.94 and a 52 week high of $23.36. The business’s fifty day simple moving average is $22.24 and its 200-day simple moving average is $20.77. The firm has a market cap of $4.09 billion, a PE ratio of 16.03 and a beta of 0.65. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 0.17.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $179.43 million for the quarter, compared to analysts’ expectations of $184.62 million. CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.During the same quarter in the prior year, the company posted $0.36 earnings per share. Equities analysts forecast that CVB Financial Corporation will post 1.72 earnings per share for the current year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. CVB Financial’s dividend payout ratio is presently 55.17%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVBF. Raymond James Financial raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a report on Wednesday, July 1st. Weiss Ratings raised shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Stephens upgraded shares of CVB Financial from an “equal weight” rating to an “overweight” rating and set a $27.00 target price on the stock in a report on Thursday, August 6th. DA Davidson increased their price target on shares of CVB Financial from $22.50 to $25.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Finally, Wall Street Zen upgraded shares of CVB Financial from a “sell” rating to a “hold” rating in a report on Saturday. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $26.25.

CVB Financial Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.