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

The Manufacturers Life Insurance Company bought a new position in shares of CVB Financial Corporation (NASDAQ:CVBF) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,327,170 shares of the financial services provider’s stock, valued at approximately $29,928,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Royal Bank of Canada raised its holdings in CVB Financial by 28.7% during the first quarter. Royal Bank of Canada now owns 37,839 shares of the financial services provider’s stock worth $698,000 after purchasing an additional 8,432 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of CVB Financial by 36.6% during the 1st quarter. AQR Capital Management LLC now owns 48,496 shares of the financial services provider’s stock worth $895,000 after buying an additional 12,992 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of CVB Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,851 shares of the financial services provider’s stock worth $1,456,000 after buying an additional 3,442 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of CVB Financial by 848.1% in the 1st quarter. Jones Financial Companies Lllp now owns 15,122 shares of the financial services provider’s stock valued at $300,000 after buying an additional 13,527 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of CVB Financial by 9.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,180 shares of the financial services provider’s stock valued at $8,458,000 after buying an additional 38,250 shares in the last quarter. 74.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on CVBF. Weiss Ratings upgraded shares of CVB Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Piper Sandler boosted their price target on shares of CVB Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. 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 research note on Wednesday, July 1st. Wall Street Zen raised CVB Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, DA Davidson lifted their target price on CVB Financial from $22.50 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, CVB Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.25.

Insider Buying and Selling at CVB Financial

In other CVB Financial news, Director Brien Raymond V. O. III bought 20,000 shares of CVB Financial 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 completion of the acquisition, the director owned 85,780 shares of the company’s stock, valued at approximately $1,953,210.60. This represents a 30.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO David C. Harvey sold 40,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $22.94, for a total transaction of $917,600.00. Following the sale, the chief operating officer owned 98,149 shares of the company’s stock, valued at $2,251,538.06. This trade represents a 28.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 6.40% of the company’s stock.

CVB Financial Price Performance

CVBF stock opened at $22.30 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $3.92 billion, a P/E ratio of 15.38 and a beta of 0.65. The business has a 50 day simple moving average of $22.56 and a 200-day simple moving average of $20.92. CVB Financial Corporation has a twelve month low of $17.94 and a twelve month high of $23.41.

CVB Financial (NASDAQ:CVBF) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). CVB Financial had a net margin of 29.02% and a return on equity of 9.21%. The business had revenue of $179.43 million during the quarter, compared to analyst estimates of $184.62 million. During the same period in the previous year, the firm earned $0.36 earnings per share. As a group, equities analysts anticipate that CVB Financial Corporation will post 1.72 EPS for the current year.

CVB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 23rd. Shareholders of record on Thursday, July 9th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, July 9th. CVB Financial’s dividend payout ratio (DPR) is presently 55.17%.

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.