Connor Clark & Lunn Investment Management Ltd. Lowers Position in CVB Financial Corp. (NASDAQ:CVBF)

Connor Clark & Lunn Investment Management Ltd. decreased its position in CVB Financial Corp. (NASDAQ:CVBF) by 80.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,445 shares of the financial services provider’s stock after selling 130,489 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in CVB Financial were worth $695,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP purchased a new stake in shares of CVB Financial in the third quarter valued at about $8,653,000. JPMorgan Chase & Co. boosted its holdings in shares of CVB Financial by 25.6% in the third quarter. JPMorgan Chase & Co. now owns 363,494 shares of the financial services provider’s stock valued at $6,477,000 after acquiring an additional 74,004 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of CVB Financial by 144.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider’s stock valued at $95,000 after acquiring an additional 2,597 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of CVB Financial by 11.8% in the third quarter. Jane Street Group LLC now owns 136,780 shares of the financial services provider’s stock valued at $2,437,000 after purchasing an additional 14,384 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in shares of CVB Financial by 22.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 52,358 shares of the financial services provider’s stock valued at $1,131,000 after purchasing an additional 9,600 shares during the period. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on CVBF. Keefe, Bruyette & Woods raised their price objective on shares of CVB Financial from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Stephens reduced their price objective on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, CVB Financial has a consensus rating of “Hold” and a consensus target price of $22.20.

CVB Financial Price Performance

NASDAQ:CVBF opened at $18.70 on Friday. The firm has a 50 day simple moving average of $20.00 and a 200-day simple moving average of $20.27. The firm has a market cap of $2.61 billion, a PE ratio of 12.99 and a beta of 0.46. CVB Financial Corp. has a 1-year low of $15.71 and a 1-year high of $24.58.

CVB Financial (NASDAQ:CVBF) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. CVB Financial had a net margin of 29.32% and a return on equity of 9.35%. As a group, sell-side analysts expect that CVB Financial Corp. will post 1.41 earnings per share for the current fiscal year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 16th. Investors of record on Wednesday, April 2nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, April 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 4.28%. CVB Financial’s payout ratio is 55.56%.

CVB Financial Company 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.