Market Update (PM, MCO, CVBF)

Philip Morris International Inc PM announced a hike in its quarterly dividend from $0.58 to $0.64 per share. The dividend is payable on October 8 to shareholders on record as on September 24. Moody's Corporation MCO shares rose close to 5.5% after Piper Jaffray upgraded its stock from neutral to outperform. The analysts said MCO’s shares have become "increasingly compelling." CVB Financial Corp CVBF reported the inability of its largest borrower to repay the loans. The bank said its bad loans have increased by $48 million. The borrower has 7 loans, summing up to roughly $82 million. CVB said, "Our company is fully cooperating with the SEC in its investigation. We look forward to answering any questions that the SEC may present." "We have no insight into the timing or duration of this investigation at this time," the company added. Read more from Benzinga's Markets.