Y Intercept Hong Kong Ltd Acquires New Stake in CVB Financial Corp. (NASDAQ:CVBF)

Y Intercept Hong Kong Ltd bought a new position in CVB Financial Corp. (NASDAQ:CVBF) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 33,529 shares of the financial services provider’s stock, valued at approximately $597,000.

Several other hedge funds have also recently made changes to their positions in CVBF. Allspring Global Investments Holdings LLC purchased a new stake in CVB Financial in the 3rd quarter worth about $27,000. nVerses Capital LLC raised its position in shares of CVB Financial by 466.7% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,400 shares during the period. Innealta Capital LLC purchased a new stake in shares of CVB Financial during the 2nd quarter valued at approximately $38,000. GAMMA Investing LLC boosted its holdings in CVB Financial by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock worth $78,000 after buying an additional 780 shares during the period. Finally, SG Americas Securities LLC purchased a new position in CVB Financial in the 3rd quarter valued at approximately $107,000. 74.18% of the stock is currently owned by institutional investors.

CVB Financial Stock Performance

NASDAQ:CVBF opened at $22.71 on Friday. CVB Financial Corp. has a 52-week low of $15.71 and a 52-week high of $24.58. The stock has a fifty day moving average of $21.29 and a 200 day moving average of $18.82. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 15.88 and a beta of 0.49.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $126.45 million during the quarter, compared to the consensus estimate of $126.75 million. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter last year, the company posted $0.42 EPS. Equities analysts forecast 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. Shareholders of record on Monday, September 30th were paid a $0.20 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 3.52%. CVB Financial’s dividend payout ratio is presently 55.94%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CVBF shares. Piper Sandler dropped their target price on CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. Wedbush restated a “neutral” rating and issued a $20.00 target price on shares of CVB Financial in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods lifted their target price on CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, CVB Financial currently has a consensus rating of “Hold” and a consensus target price of $21.80.

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.