State of Alaska Department of Revenue raised its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 195.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 102,669 shares of the financial services provider’s stock after purchasing an additional 67,878 shares during the quarter. State of Alaska Department of Revenue’s holdings in CVB Financial were worth $2,142,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Capital Fund Management S.A. bought a new position in CVB Financial in the 2nd quarter valued at $429,000. Prudential Financial Inc. raised its position in shares of CVB Financial by 0.7% during the second quarter. Prudential Financial Inc. now owns 167,343 shares of the financial services provider’s stock worth $3,519,000 after acquiring an additional 1,190 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of CVB Financial by 6.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 782,356 shares of the financial services provider’s stock worth $16,453,000 after acquiring an additional 47,168 shares during the last quarter. Verition Fund Management LLC bought a new stake in shares of CVB Financial during the second quarter worth $502,000. Finally, Susquehanna International Group LLP bought a new stake in shares of CVB Financial during the second quarter worth $2,051,000. Hedge funds and other institutional investors own 64.19% of the company’s stock.
Shares of CVBF stock traded up $0.05 on Wednesday, reaching $20.08. 1,092 shares of the stock were exchanged, compared to its average volume of 578,977. The stock has a market cap of $2.85 billion, a PE ratio of 16.15 and a beta of 1.07. CVB Financial Corp. has a one year low of $19.21 and a one year high of $23.51. 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 stock has a 50 day moving average price of $20.80 and a 200 day moving average price of $21.06.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 17th. Investors 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 dividend on an annualized basis and a dividend yield of 3.59%. CVB Financial’s dividend payout ratio (DPR) is presently 58.06%.
In related news, CEO Christopher D. Myers sold 4,600 shares of CVB Financial stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $22.04, for a total transaction of $101,384.00. Following the completion of the sale, the chief executive officer now directly owns 229,557 shares of the company’s stock, valued at $5,059,436.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.50% of the stock is owned by insiders.
CVBF has been the subject of a number of recent research reports. ValuEngine upgraded CVB Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, September 4th. Zacks Investment Research downgraded CVB Financial from a “hold” rating to a “sell” rating in a research report on Monday. Janney Montgomery Scott downgraded CVB Financial from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research report on Friday, July 19th. Finally, BidaskClub upgraded CVB Financial from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. CVB Financial currently has a consensus rating of “Hold” and a consensus price target of $23.33.
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.
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