Panagora Asset Management Inc. Raises Stock Holdings in CVB Financial Corp. (NASDAQ:CVBF)

Panagora Asset Management Inc. grew its position in shares of CVB Financial Corp. (NASDAQ:CVBF) by 143.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 268,909 shares of the financial services provider’s stock after purchasing an additional 158,599 shares during the period. Panagora Asset Management Inc. owned 0.19% of CVB Financial worth $5,429,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Strs Ohio purchased a new stake in CVB Financial in the 4th quarter worth approximately $36,000. GAMMA Investing LLC acquired a new position in shares of CVB Financial during the 4th quarter valued at about $102,000. Headlands Technologies LLC purchased a new position in shares of CVB Financial during the 4th quarter worth about $122,000. Covestor Ltd boosted its position in shares of CVB Financial by 11.2% in the third quarter. Covestor Ltd now owns 8,761 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 885 shares during the last quarter. Finally, Nwam LLC purchased a new stake in CVB Financial in the third quarter valued at approximately $207,000. 74.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVBF has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price target 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. Wedbush reissued a “neutral” rating and set a $19.00 price target on shares of CVB Financial in a research report on Thursday, April 25th. Stephens restated an “equal weight” rating and issued a $20.00 price objective on shares of CVB Financial in a report on Thursday, April 25th. Finally, Hovde Group cut CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 target price for the company. in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, CVB Financial currently has a consensus rating of “Hold” and an average target price of $19.00.

CVB Financial Stock Performance

CVB Financial stock opened at $17.43 on Friday. The stock’s 50 day moving average price is $16.91 and its 200 day moving average price is $17.83. The firm has a market capitalization of $2.43 billion, a PE ratio of 11.47 and a beta of 0.47. CVB Financial Corp. has a one year low of $11.35 and a one year high of $21.77.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. The company had revenue of $126.57 million for the quarter, compared to the consensus estimate of $127.46 million. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. The firm’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. On average, analysts forecast that CVB Financial Corp. will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Wednesday, April 3rd were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.59%. The ex-dividend date was Tuesday, April 2nd. CVB Financial’s payout ratio is 52.63%.

About CVB Financial

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.