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

Key Points

• Parallel Advisors LLC trimmed its CVB Financial stake by 4.3% in the first quarter, selling 162,666 shares and leaving it with 3.66 million shares valued at about $70.9 million.
• Insider activity was mixed but included buying: Director George A. Borba, Jr. purchased 25,187 shares for nearly $500,000, increasing his ownership by 3.07%.
• Analysts remain cautiously positive on CVBF, with an average rating of “Moderate Buy” and a consensus price target of $24.30; the stock also carries a quarterly dividend of $0.20 per share, or a 3.5% annual yield.

Parallel Advisors LLC lessened its holdings in shares of CVB Financial Corporation (NASDAQ:CVBF - Free Report) by 4.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (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 comprises approximately 1.2% of Parallel Advisors LLC's holdings, making the stock its 13th largest holding. Parallel Advisors LLC owned about 2.69% of CVB Financial worth $70,935,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Louisiana State Employees Retirement System bought a new stake in shares of CVB Financial in the 1st quarter worth approximately $1,096,000. Tudor Investment Corp ET AL raised its holdings in shares of CVB Financial by 139.4% during the third quarter. Tudor Investment Corp ET AL now owns 101,128 shares of the financial services provider's stock valued at $1,912,000 after acquiring an additional 58,882 shares in the last quarter. Bessemer Group Inc. lifted its stake in CVB Financial by 34.1% in the first 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 period. Bernzott Capital Advisors purchased a new stake in CVB Financial in the first quarter worth $8,054,000. Finally, UBS Group AG boosted its holdings in CVB Financial by 25.2% in the fourth quarter. UBS Group AG now owns 161,339 shares of the financial services provider's stock valued at $3,001,000 after acquiring an additional 32,499 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company's stock.

Insider Buying and Selling at CVB Financial

In related 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, with a total value of $499,961.95. Following the transaction, the director directly owned 846,308 shares in the company, valued at approximately $16,799,213.80. This represents a 3.07% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.40% of the stock is owned by insiders.

Analyst Ratings Changes

CVBF has been the subject of several research reports. Raymond James Financial upgraded shares of CVB Financial from a "market perform" rating to an "outperform" rating and set a $25.00 price objective for the company in a report on Wednesday, July 1st. Piper Sandler lifted their target price on shares of CVB Financial from $26.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Weiss Ratings reiterated a "buy (b-)" rating on shares of CVB Financial in a research report on Wednesday, July 8th. Finally, Stephens reissued an "equal weight" rating and issued a $23.00 price target on shares of CVB Financial in a research note on Tuesday, June 16th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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 stock has a market cap of $4.03 billion, a PE ratio of 15.01 and a beta of 0.65. 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 company's fifty day moving average price is $21.23 and its 200-day moving average price is $20.31.

CVB Financial (NASDAQ:CVBF - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.38. CVB Financial had a net margin of 32.05% and a return on equity of 9.16%. The company had revenue of $132.12 million during the quarter, compared to analyst estimates of $162.29 million. During the same period last year, the business earned $0.36 EPS. On average, equities analysts expect that CVB Financial Corporation will post 1.63 EPS for the current fiscal year.

CVB Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 23rd. Stockholders of record on Thursday, July 9th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Thursday, July 9th. CVB Financial's payout ratio is currently 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.

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