The Manufacturers Life Insurance Company Has $10.15 Million Stake in CVB Financial Corp. (NASDAQ:CVBF)

The Manufacturers Life Insurance Company reduced its holdings in CVB Financial Corp. (NASDAQ:CVBF) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 569,397 shares of the financial services provider’s stock after selling 13,650 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.41% of CVB Financial worth $10,147,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in CVB Financial in the 3rd quarter valued at approximately $27,000. nVerses Capital LLC boosted its position in shares of CVB Financial by 466.7% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,400 shares during the period. Innealta Capital LLC acquired a new stake in shares of CVB Financial in the second quarter worth $38,000. GAMMA Investing LLC increased its position in CVB Financial by 21.7% during the third quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock worth $78,000 after acquiring an additional 780 shares during the period. Finally, SG Americas Securities LLC acquired a new position in CVB Financial during the 3rd quarter valued at $107,000. 74.18% of the stock is currently owned by institutional investors.

CVB Financial Stock Down 1.5 %

NASDAQ:CVBF opened at $22.97 on Wednesday. The firm has a market capitalization of $3.21 billion, a PE ratio of 16.06 and a beta of 0.49. CVB Financial Corp. has a 12-month low of $15.71 and a 12-month high of $24.58. The firm has a 50-day moving average price of $20.43 and a 200 day moving average price of $18.46.

CVB Financial (NASDAQ:CVBF) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $126.45 million during the quarter, compared to analysts’ expectations of $126.75 million. CVB Financial had a return on equity of 9.80% and a net margin of 28.29%. CVB Financial’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.42 EPS. On average, research analysts expect that CVB Financial Corp. will post 1.43 EPS for the current year.

CVB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 14th. Shareholders of record on Monday, September 30th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.48%. CVB Financial’s payout ratio is presently 55.94%.

Analyst Ratings Changes

Several analysts have issued reports on CVBF shares. Wedbush restated a “neutral” rating and issued a $20.00 price target on shares of CVB Financial in a research report on Thursday, October 24th. Piper Sandler decreased their target price on CVB Financial from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. Finally, Keefe, Bruyette & Woods raised CVB Financial from a “market perform” rating to an “outperform” rating and upped their price target for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.80.

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.