Connor Clark & Lunn Investment Management Ltd. Has $2.90 Million Position in CVB Financial Corp. (NASDAQ:CVBF)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of CVB Financial Corp. (NASDAQ:CVBF) by 30.8% in the third quarter, Holdings Channel.com reports. The firm owned 162,934 shares of the financial services provider’s stock after selling 72,650 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in CVB Financial were worth $2,903,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CVBF. American Century Companies Inc. raised its holdings in shares of CVB Financial by 1.0% during the second quarter. American Century Companies Inc. now owns 5,813,290 shares of the financial services provider’s stock worth $100,221,000 after acquiring an additional 58,774 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of CVB Financial by 16.9% in the second quarter. Dimensional Fund Advisors LP now owns 5,649,691 shares of the financial services provider’s stock valued at $97,399,000 after buying an additional 816,176 shares in the last quarter. Sei Investments Co. increased its stake in shares of CVB Financial by 2.9% during the 2nd quarter. Sei Investments Co. now owns 628,921 shares of the financial services provider’s stock worth $10,843,000 after purchasing an additional 17,483 shares during the last quarter. Public Sector Pension Investment Board raised its stake in CVB Financial by 7.6% in the second quarter. Public Sector Pension Investment Board now owns 291,836 shares of the financial services provider’s stock valued at $5,031,000 after buying an additional 20,498 shares during the period. Finally, Panagora Asset Management Inc. raised its position in shares of CVB Financial by 10.7% in the second quarter. Panagora Asset Management Inc. now owns 287,104 shares of the financial services provider’s stock valued at $4,950,000 after purchasing an additional 27,674 shares during the period. Institutional investors own 74.18% of the company’s stock.

CVB Financial Trading Up 2.8 %

NASDAQ CVBF opened at $23.83 on Monday. The firm’s 50 day simple moving average is $19.67 and its 200 day simple moving average is $18.15. CVB Financial Corp. has a 1 year low of $15.71 and a 1 year high of $23.99. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 16.66 and a beta of 0.44.

CVB Financial (NASDAQ:CVBF) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. CVB Financial had a net margin of 28.29% and a return on equity of 9.80%. The business had revenue of $126.45 million during the quarter, compared to analysts’ expectations of $126.75 million. During the same period in the prior year, the company earned $0.42 EPS. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. On average, equities research analysts forecast that CVB Financial Corp. will post 1.43 earnings per share for the current year.

CVB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Monday, September 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.80 annualized dividend and a yield of 3.36%. CVB Financial’s dividend payout ratio is presently 55.94%.

Analyst Ratings Changes

Several research firms recently issued reports on CVBF. Keefe, Bruyette & Woods upgraded CVB Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Wedbush reiterated a “neutral” rating and issued a $20.00 price target on shares of CVB Financial in a research report on Thursday, October 24th. Finally, Piper Sandler lowered their price objective on CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, CVB Financial has a consensus rating of “Hold” and an average price target of $20.80.

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.