Massachusetts Financial Services Co. MA Takes Position in CVB Financial Corp. (NASDAQ:CVBF)

Massachusetts Financial Services Co. MA bought a new stake in CVB Financial Corp. (NASDAQ:CVBF) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,450,924 shares of the financial services provider’s stock, valued at approximately $31,064,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nomura Asset Management Co. Ltd. increased its position in shares of CVB Financial by 80.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 720 shares during the last quarter. Hopwood Financial Services Inc. bought a new position in shares of CVB Financial in the fourth quarter valued at $53,000. Smartleaf Asset Management LLC increased its holdings in CVB Financial by 144.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider’s stock worth $95,000 after buying an additional 2,597 shares during the last quarter. KBC Group NV raised its position in CVB Financial by 35.0% during the fourth quarter. KBC Group NV now owns 6,005 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 1,556 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in CVB Financial by 17.7% in the fourth quarter. Blue Trust Inc. now owns 6,108 shares of the financial services provider’s stock valued at $131,000 after acquiring an additional 918 shares during the last quarter. Institutional investors own 74.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Stephens lowered their price objective on shares of CVB Financial from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.20.

CVB Financial Price Performance

Shares of CVB Financial stock opened at $16.85 on Monday. CVB Financial Corp. has a 1 year low of $15.71 and a 1 year high of $24.58. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 11.70 and a beta of 0.62. The business has a fifty day simple moving average of $19.56 and a two-hundred day simple moving average of $20.37.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate 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, equities analysts anticipate that CVB Financial Corp. will post 1.41 earnings per share for the current fiscal year.

CVB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 2nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.75%. The ex-dividend date is Wednesday, April 2nd. CVB Financial’s payout ratio is 55.56%.

CVB Financial 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.