Parallel Advisors LLC Sells 162,666 Shares of CVB Financial Corporation $CVBF

Parallel Advisors LLC trimmed its position in shares of CVB Financial Corporation (NASDAQ:CVBF) by 4.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 3,658,353 shares of the financial services provider’s stock after selling 162,666 shares during the quarter. CVB Financial comprises about 1.2% of Parallel Advisors LLC’s holdings, making the stock its 13th biggest holding. Parallel Advisors LLC’s holdings in CVB Financial were worth $70,935,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in CVB Financial by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,281,980 shares of the financial services provider’s stock worth $135,447,000 after buying an additional 171,971 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CVB Financial by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,488,821 shares of the financial services provider’s stock valued at $102,092,000 after buying an additional 67,563 shares during the last quarter. HoldCo Asset Management LP increased its position in shares of CVB Financial by 17,051.0% during the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock valued at $41,366,000 after acquiring an additional 2,211,005 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of CVB Financial by 3.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,031,381 shares of the financial services provider’s stock valued at $37,784,000 after acquiring an additional 74,914 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of CVB Financial by 2.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,739,743 shares of the financial services provider’s stock valued at $32,359,000 after acquiring an additional 39,771 shares in the last quarter. 74.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director George A. Borba, Jr. acquired 25,187 shares of CVB Financial stock in a transaction that occurred on Tuesday, May 19th. The stock was bought at an average price of $19.85 per share, for a total transaction of $499,961.95. Following the completion of the transaction, the director owned 846,308 shares in the company, valued at $16,799,213.80. The trade was a 3.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.40% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CVBF. Piper Sandler upped their price objective on CVB Financial from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Raymond James Financial raised CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 target price for the company in a report on Wednesday, July 1st. Weiss Ratings restated a “buy (b-)” rating on shares of CVB Financial in a research note on Wednesday, July 8th. Finally, Stephens reaffirmed an “equal weight” rating and set a $23.00 price target on shares of CVB Financial in a report on Tuesday, June 16th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.30.

CVB Financial Stock Performance

Shares of CVBF stock opened at $22.82 on Monday. CVB Financial Corporation has a 12-month low of $17.94 and a 12-month high of $23.36. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.22. The firm’s 50 day moving average is $21.23 and its 200 day moving average is $20.31. The stock has a market capitalization of $4.03 billion, a P/E ratio of 15.01 and a beta of 0.65.

CVB Financial (NASDAQ:CVBF) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.38 EPS for the quarter, hitting analysts’ consensus estimates of $0.38. The business had revenue of $132.12 million during the quarter, compared to the consensus estimate of $162.29 million. CVB Financial had a net margin of 32.05% and a return on equity of 9.16%. During the same quarter in the previous year, the firm posted $0.36 EPS. Research analysts expect that CVB Financial Corporation will post 1.63 earnings per share for the current year.

CVB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 23rd. Investors of record on Thursday, July 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. CVB Financial’s payout ratio is presently 52.63%.

CVB Financial Profile

CVB Financial Corp is the bank holding company for Citizens Business Bank, a California-based commercial bank whose operations trace back to 1974. Headquartered in Ontario, California, the company provides a broad range of banking and financial services through its community-focused branch network. As a publicly traded company on the NASDAQ under the symbol CVBF, CVB Financial oversees strategic planning, corporate governance and long-term growth initiatives for its subsidiary.

The company’s core business activities include commercial lending, real estate financing, equipment leasing and Small Business Administration (SBA) loan programs.