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

Parallel Advisors LLC lessened its stake 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 firm owned 3,658,353 shares of the financial services provider’s stock after selling 162,666 shares during the period. CVB Financial makes up approximately 1.3% of Parallel Advisors LLC’s holdings, making the stock its 12th largest holding. Parallel Advisors LLC’s holdings in CVB Financial were worth $70,935,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. HoldCo Asset Management LP lifted its position in CVB Financial by 17,051.0% in the fourth quarter. HoldCo Asset Management LP now owns 2,223,972 shares of the financial services provider’s stock worth $41,366,000 after buying an additional 2,211,005 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in CVB Financial by 71.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,221,437 shares of the financial services provider’s stock valued at $23,684,000 after acquiring an additional 507,228 shares during the last quarter. Weiss Asset Management LP purchased a new stake in shares of CVB Financial in the first quarter valued at $8,303,000. Bernzott Capital Advisors purchased a new stake in shares of CVB Financial in the first quarter valued at $8,054,000. Finally, Bessemer Group Inc. lifted its holdings in shares of CVB Financial by 34.1% in the 1st quarter. Bessemer Group Inc. now owns 1,466,670 shares of the financial services provider’s stock worth $28,439,000 after acquiring an additional 372,732 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors.

CVB Financial Stock Performance

CVBF stock opened at $23.10 on Wednesday. CVB Financial Corporation has a twelve month low of $17.94 and a twelve month high of $23.36. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of 15.93 and a beta of 0.65. The business’s fifty day simple moving average is $21.84 and its two-hundred day simple moving average is $20.61. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 0.17.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $179.43 million for the quarter, compared to analysts’ expectations of $184.62 million. CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. During the same period in the prior year, the firm posted $0.36 earnings per share. Analysts predict that CVB Financial Corporation will post 1.72 earnings per share for the current year.

CVB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial’s payout ratio is 55.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Piper Sandler lifted their price target on shares of CVB Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. DA Davidson increased their price objective on shares of CVB Financial from $22.50 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Stephens raised their price objective on shares of CVB Financial from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. Raymond James Financial upgraded CVB Financial from a “market perform” rating to an “outperform” rating and set a $25.00 target price for the company in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.75.

Insider Activity

In related news, Director George A. Borba, Jr. bought 25,187 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were acquired at an average cost of $19.85 per share, for a total transaction of $499,961.95. Following the purchase, the director directly owned 846,308 shares of the company’s stock, valued at approximately $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 available at this link. Also, Director Brien Raymond V. O. III bought 20,000 shares of CVB Financial stock in a transaction dated Tuesday, July 28th. The shares were bought at an average cost of $22.77 per share, for a total transaction of $455,400.00. Following the completion of the transaction, the director owned 85,780 shares of the company’s stock, valued at approximately $1,953,210.60. This trade represents a 30.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 95,429 shares of company stock valued at $1,955,178. 6.40% of the stock is owned by corporate insiders.

About CVB Financial

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.