The Manufacturers Life Insurance Company Trims Holdings in CVB Financial Corp. (NASDAQ:CVBF)

The Manufacturers Life Insurance Company cut its position in shares of CVB Financial Corp. (NASDAQ:CVBF) by 0.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 583,047 shares of the financial services provider’s stock after selling 700 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.42% of CVB Financial worth $10,052,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CVBF. Arizona State Retirement System boosted its position in CVB Financial by 1.9% during the second quarter. Arizona State Retirement System now owns 39,018 shares of the financial services provider’s stock worth $673,000 after acquiring an additional 725 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of CVB Financial by 5.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,538 shares of the financial services provider’s stock worth $250,000 after purchasing an additional 748 shares during the last quarter. Louisiana State Employees Retirement System grew its position in shares of CVB Financial by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider’s stock valued at $1,150,000 after purchasing an additional 1,100 shares during the period. Texas Permanent School Fund Corp increased its stake in CVB Financial by 1.1% in the first quarter. Texas Permanent School Fund Corp now owns 115,600 shares of the financial services provider’s stock valued at $2,062,000 after purchasing an additional 1,299 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its position in CVB Financial by 1.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 114,509 shares of the financial services provider’s stock worth $2,041,000 after buying an additional 1,396 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CVBF shares. Stephens upped their price objective on shares of CVB Financial from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Wedbush cut their price target on shares of CVB Financial from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. Finally, Keefe, Bruyette & Woods raised shares of CVB Financial from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.25.

CVB Financial Stock Up 0.2 %

CVBF opened at $18.06 on Friday. CVB Financial Corp. has a 52-week low of $14.62 and a 52-week high of $21.77. The company has a 50 day moving average of $17.71 and a two-hundred day moving average of $17.25. The company has a market cap of $2.52 billion, a P/E ratio of 11.88 and a beta of 0.45.

CVB Financial (NASDAQ:CVBF) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. The firm had revenue of $125.27 million during the quarter, compared to the consensus estimate of $126.86 million. CVB Financial had a return on equity of 10.41% and a net margin of 29.58%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. Research analysts anticipate that CVB Financial Corp. will post 1.4 earnings per share for the current year.

CVB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 14th. Shareholders of record on Monday, September 30th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Monday, September 30th. CVB Financial’s dividend payout ratio is presently 52.63%.

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.