SpiderRock Advisors LLC Invests $353,000 in CVB Financial Corp. (NASDAQ:CVBF)

SpiderRock Advisors LLC purchased a new stake in shares of CVB Financial Corp. (NASDAQ:CVBF) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 21,266 shares of the financial services provider’s stock, valued at approximately $353,000.

Other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in shares of CVB Financial by 104.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,897,667 shares of the financial services provider’s stock valued at $78,694,000 after purchasing an additional 1,994,369 shares in the last quarter. Norges Bank bought a new stake in shares of CVB Financial during the 4th quarter valued at about $29,134,000. American Century Companies Inc. boosted its stake in shares of CVB Financial by 44.1% during the 3rd quarter. American Century Companies Inc. now owns 3,937,457 shares of the financial services provider’s stock valued at $65,244,000 after purchasing an additional 1,204,090 shares in the last quarter. Principal Financial Group Inc. boosted its stake in CVB Financial by 56.4% during the fourth quarter. Principal Financial Group Inc. now owns 2,914,706 shares of the financial services provider’s stock worth $58,848,000 after acquiring an additional 1,050,625 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in CVB Financial by 16.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,290,055 shares of the financial services provider’s stock worth $86,619,000 after acquiring an additional 594,901 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Insiders Place Their Bets

In related news, Director George A. Borba, Jr. bought 4,610 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was purchased at an average price of $16.00 per share, for a total transaction of $73,760.00. Following the completion of the transaction, the director now owns 665,121 shares in the company, valued at $10,641,936. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other CVB Financial news, Director George A. Borba, Jr. purchased 34,200 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were bought at an average price of $15.99 per share, with a total value of $546,858.00. Following the completion of the purchase, the director now directly owns 660,511 shares in the company, valued at $10,561,570.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director George A. Borba, Jr. purchased 4,610 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $73,760.00. Following the purchase, the director now owns 665,121 shares of the company’s stock, valued at $10,641,936. The disclosure for this purchase can be found here. Insiders bought a total of 39,910 shares of company stock worth $638,669 over the last three months. 6.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CVBF shares. Janney Montgomery Scott lowered shares of CVB Financial from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 22nd. Hovde Group lowered shares of CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 price objective on the stock. in a research note on Monday, April 22nd. Wedbush reaffirmed a “neutral” rating and issued a $19.00 target price on shares of CVB Financial in a report on Thursday, April 25th. Stephens reaffirmed an “equal weight” rating and issued a $20.00 target price on shares of CVB Financial in a report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of CVB Financial from $20.00 to $19.00 and set a “market perform” rating for the company in a report on Friday, April 26th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, CVB Financial has an average rating of “Hold” and a consensus target price of $19.00.

CVB Financial Stock Performance

Shares of CVBF traded down $0.11 during mid-day trading on Friday, hitting $16.75. 139,731 shares of the company traded hands, compared to its average volume of 800,916. The stock has a 50-day moving average price of $16.69 and a two-hundred day moving average price of $17.45. CVB Financial Corp. has a 1 year low of $12.89 and a 1 year high of $21.77. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 11.07 and a beta of 0.47.

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

CVB Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.78%. CVB Financial’s payout ratio is currently 52.63%.

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.