Allianz Asset Management GmbH Trims Stock Position in CVB Financial Corporation (NASDAQ:CVBF)

Allianz Asset Management GmbH lessened its holdings in shares of CVB Financial Corporation (NASDAQ:CVBF) by 27.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,900 shares of the financial services provider’s stock after selling 7,400 shares during the period. Allianz Asset Management GmbH’s holdings in CVB Financial were worth $367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Bolthouse Investments LLC increased its position in shares of CVB Financial by 1.0% in the first quarter. Bolthouse Investments LLC now owns 57,524 shares of the financial services provider’s stock valued at $1,062,000 after buying an additional 546 shares in the last quarter. Nomura Asset Management Co. Ltd. increased 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 in the last quarter. QRG Capital Management Inc. increased its position in shares of CVB Financial by 9.4% in the first quarter. QRG Capital Management Inc. now owns 10,267 shares of the financial services provider’s stock valued at $190,000 after buying an additional 878 shares in the last quarter. Summit Investment Advisors Inc. increased its position in shares of CVB Financial by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,861 shares of the financial services provider’s stock valued at $297,000 after buying an additional 880 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its position in shares of CVB Financial by 5.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 19,475 shares of the financial services provider’s stock valued at $417,000 after buying an additional 1,054 shares in the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

CVB Financial Stock Performance

Shares of CVBF opened at $18.37 on Friday. CVB Financial Corporation has a one year low of $16.01 and a one year high of $24.58. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 12.67 and a beta of 0.69. The stock has a 50 day moving average price of $19.58 and a 200 day moving average price of $19.33.

CVB Financial (NASDAQ:CVBF) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.35 by $0.01. CVB Financial had a return on equity of 9.21% and a net margin of 30.99%. The firm had revenue of $126.35 million during the quarter, compared to analysts’ expectations of $127.95 million. During the same period in the previous year, the business earned $0.36 earnings per share. On average, analysts predict that CVB Financial Corporation will post 1.41 earnings per share for the current year.

CVB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.4%. The ex-dividend date was Thursday, July 10th. CVB Financial’s dividend payout ratio is presently 55.17%.

Analyst Ratings Changes

A number of research firms have recently commented on CVBF. Keefe, Bruyette & Woods cut their price objective on CVB Financial from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, July 25th. Piper Sandler boosted their price target on CVB Financial from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th.

CVB Financial Company 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.