The Manufacturers Life Insurance Company Invests $29.93 Million in CVB Financial Corporation $CVBF

The Manufacturers Life Insurance Company acquired a new stake in CVB Financial Corporation (NASDAQ:CVBF - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,327,170 shares of the financial services provider's stock, valued at approximately $29,928,000. The Manufacturers Life Insurance Company owned approximately 0.75% of CVB Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Aster Capital Management DIFC Ltd boosted its holdings in CVB Financial by 8,940.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,989 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 1,967 shares during the period. Kestra Advisory Services LLC purchased a new stake in CVB Financial during the fourth quarter worth about $42,000. Larson Financial Group LLC increased its stake in CVB Financial by 288.9% during the fourth quarter. Larson Financial Group LLC now owns 2,411 shares of the financial services provider's stock worth $45,000 after purchasing an additional 1,791 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of CVB Financial by 40.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,407 shares of the financial services provider's stock worth $47,000 after purchasing an additional 695 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of CVB Financial during the second quarter worth about $77,000. Hedge funds and other institutional investors own 74.18% of the company's stock.

Insider Buying and Selling

In other news, Director Brien Raymond V. O. III acquired 20,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was acquired at an average cost of $22.77 per share, with a total value of $455,400.00. Following the transaction, the director owned 85,780 shares in the company, valued at approximately $1,953,210.60. This trade represents a 30.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO David C. Harvey sold 40,000 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total transaction of $917,600.00. Following the transaction, the chief operating officer owned 98,149 shares of the company's stock, valued at approximately $2,251,538.06. The trade was a 28.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.40% of the company's stock.

CVB Financial Stock Performance

Shares of CVB Financial stock opened at $22.30 on Friday. CVB Financial Corporation has a one year low of $17.94 and a one year high of $23.41. The company has a market cap of $3.92 billion, a PE ratio of 15.38 and a beta of 0.65. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.77 and a current ratio of 0.77. The business has a 50-day simple moving average of $22.56 and a 200-day simple moving average of $20.92.

CVB Financial (NASDAQ:CVBF - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The firm had revenue of $179.43 million for the quarter, compared to analysts' expectations of $184.62 million. CVB Financial had a return on equity of 9.21% and a net margin of 29.02%.During the same quarter in the previous year, the company posted $0.36 earnings per share. On average, equities research analysts forecast that CVB Financial Corporation will post 1.72 EPS for the current fiscal year.

CVB Financial Announces Dividend

The company 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. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. CVB Financial's dividend payout ratio is currently 55.17%.

Analyst Upgrades and Downgrades

CVBF has been the subject of a number of 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. Stephens upgraded shares of CVB Financial from an "equal weight" rating to an "overweight" rating and set a $27.00 target price on the stock in a report on Thursday, August 6th. Weiss Ratings raised shares of CVB Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 24th. DA Davidson raised their price target on shares of CVB Financial from $22.50 to $25.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Piper Sandler boosted 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. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.25.

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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