CVB Financial Corp. (NASDAQ:CVBF) Shares Purchased by Parallel Advisors LLC

Parallel Advisors LLC boosted its position in CVB Financial Corp. (NASDAQ:CVBF - Free Report) by 29.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,822,248 shares of the financial services provider's stock after purchasing an additional 874,631 shares during the quarter. CVB Financial comprises approximately 1.5% of Parallel Advisors LLC's investment portfolio, making the stock its 10th largest position. Parallel Advisors LLC owned about 2.74% of CVB Financial worth $70,559,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Nomura Asset Management Co. Ltd. raised its position in shares of CVB Financial by 80.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,620 shares of the financial services provider's stock valued at $35,000 after buying an additional 720 shares during the last quarter. Hopwood Financial Services Inc. acquired a new stake in shares of CVB Financial in the fourth quarter valued at approximately $53,000. Sterling Capital Management LLC increased its holdings in shares of CVB Financial by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 4,175 shares of the financial services provider's stock valued at $89,000 after purchasing an additional 3,719 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of CVB Financial by 144.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the financial services provider's stock valued at $95,000 after purchasing an additional 2,597 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of CVB Financial by 35.0% in the 4th quarter. KBC Group NV now owns 6,005 shares of the financial services provider's stock worth $129,000 after acquiring an additional 1,556 shares during the last quarter. 74.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Piper Sandler cut their target price on CVB Financial from $25.00 to $24.00 and set an "overweight" rating for the company in a research note on Monday, April 28th.

CVB Financial Stock Performance

Shares of NASDAQ CVBF traded down $0.07 during midday trading on Friday, reaching $18.81. 1,028,054 shares of the stock were exchanged, compared to its average volume of 812,333. The company has a 50 day simple moving average of $18.44 and a 200 day simple moving average of $20.15. The stock has a market capitalization of $2.59 billion, a P/E ratio of 13.06 and a beta of 0.65. CVB Financial Corp. has a twelve month low of $15.91 and a twelve month high of $24.58.

CVB Financial (NASDAQ:CVBF - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. The company had revenue of $126.67 million during the quarter, compared to analysts' expectations of $124.45 million. CVB Financial had a return on equity of 9.35% and a net margin of 29.32%. During the same quarter last year, the firm earned $0.35 earnings per share. On average, research analysts expect that CVB Financial Corp. will post 1.41 earnings per share for the current year.

CVB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 16th. Shareholders of record on Wednesday, April 2nd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date of this dividend was Wednesday, April 2nd. CVB Financial's dividend payout ratio is presently 55.17%.

CVB Financial 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.