Bernzott Capital Bets On Regional Banking With a 415,000 Share CVB Financial (CVBF) Purchase
Key Points
Bernzott Capital Advisors purchased 415,389 shares of CVB Financial, with an estimated transaction value of $8.17 million based on quarterly average price.
The quarter-end position value increased by $8.05 million, reflecting both the purchase and changes in the stock's price.
This transaction represented a 3.91% change in the fund's 13F reportable assets under management (AUM).
After the trade, the fund held 415,389 shares valued at $8.05 million as of March 31, 2026.
The new position accounts for 3.86% of AUM, making it the fund’s fifth-largest holding.
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What happened
According to a filing with the U.S. Securities and Exchange Commission dated April 30, 2026, Bernzott Capital Advisors initiated a new position in CVB Financial (NASDAQ:CVBF), acquiring 415,389 shares. The estimated transaction value was $8.17 million based on the average closing price for the quarter. At quarter-end, the position was valued at $8.05 million, reflecting both the purchase and changes in the stock's price.
What else to know
- This was a new position for the fund, representing 3.86% of its 13F reportable AUM as of March 31, 2026.
- Top holdings after the filing:
- NYSEMKT: VT: $14.53 million (7.0% of AUM)
- NYSE: AROC: $8.68 million (4.2% of AUM)
- NYSE: MP: $8.43 million (4.0% of AUM)
- NYSE: VSH: $8.43 million (4.0% of AUM)
- NASDAQ: CVBF: $8.05 million (3.9% of AUM)
- As of May 1, 2026, shares of CVB Financial were priced at $20.45, up 7.18% over the past year; the stock underperformed the S&P 500 by 19.96 percentage points over the same period.
- Trailing twelve-month revenue was $653.63 million, with net income of $208.15 million and a dividend yield of 3.91% as of May 1, 2026.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $652.63 million |
| Net income (TTM) | $208.15 million |
| Dividend yield | 3.91% |
| Price (as of market close May 1, 2026) | $20.45 |
Company snapshot
- Offers commercial and consumer banking products, including deposit accounts, commercial and real estate loans, agricultural financing, and a suite of treasury management services.
- Engages in lending activities, service operations, and trust and wealth management through Citizens Business Bank and its CitizensTrust Division.
- Serves small to mid-sized businesses, agricultural clients, and individual consumers across multiple counties in California.
CVB Financial is a regional bank holding company focused on business and personal banking services in California. The company leverages a diversified loan portfolio and specialized financial solutions to address the needs of commercial and agricultural clients. Its established regional presence and comprehensive service offerings provide a competitive advantage within the community banking sector.
What this transaction means for investors
Bernzott Capital’s portfolio is heavily weighted toward energy and materials. The firm’s new CVB Financial position is one of four new positions it began in the first quarter. It was the boldest new bet it made during the period.
In the first quarter, CVB Financial reported net income in line with the previous year period. Thanks to stock buybacks, though, it was able to report earnings that grew 5.6% year over year to $0.38 per share.
Bernzott Capital’s purchase could have been influenced by a recent acquisition. In April, the CVB Financial acquired Heritage Commerce Corp and its subsidiary, Heritage Bank of Commerce. Heritage’s ongoing operations will be included in CVB Financial’s results in the second quarter.
CVB Financial has paid a dividend for 146 consecutive quarters. The payout hasn’t risen since 2022, but a payout bump could be around the corner. Over the past year, the bank used just 51% of the free cash flow generated by its operations to meet its dividend obligation. If the Heritage acquisition boosts profits, as expected, it could manage a significantly larger quarterly payout.
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Cory Renauer has no position in any of the stocks mentioned. The Motley Fool recommends MP Materials. The Motley Fool has a disclosure policy.
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