Victory Capital Management Inc. decreased its position in shares of Valley National Bancorp (NASDAQ:VLY) by 3.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 53,670 shares of the company’s stock after selling 1,972 shares during the quarter. Victory Capital Management Inc.’s holdings in Valley National Bancorp were worth $714,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in VLY. Amundi Pioneer Asset Management Inc. bought a new position in shares of Valley National Bancorp in the first quarter valued at $264,000. Advisor Group Holdings Inc. increased its holdings in shares of Valley National Bancorp by 15.4% in the second quarter. Advisor Group Holdings Inc. now owns 20,300 shares of the company’s stock valued at $273,000 after buying an additional 2,707 shares in the last quarter. HighTower Advisors LLC bought a new position in shares of Valley National Bancorp in the second quarter valued at $144,000. Citigroup Inc. increased its holdings in shares of Valley National Bancorp by 13.6% in the second quarter. Citigroup Inc. now owns 326,449 shares of the company’s stock valued at $4,384,000 after buying an additional 39,179 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in shares of Valley National Bancorp by 30.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 333,385 shares of the company’s stock valued at $4,477,000 after buying an additional 78,158 shares in the last quarter. 63.19% of the stock is currently owned by hedge funds and other institutional investors.
VLY has been the topic of several recent analyst reports. Stephens boosted their target price on shares of Valley National Bancorp from $15.00 to $15.50 and gave the company an “overweight” rating in a research note on Monday, October 4th. Zacks Investment Research upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Saturday, January 8th. Citigroup upgraded shares of Valley National Bancorp from a “sell” rating to a “neutral” rating and boosted their price target for the company from $12.00 to $14.00 in a report on Friday, September 24th. Finally, Hovde Group upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating in a report on Friday, September 17th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $15.19.
Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Wednesday, October 27th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.30. The firm had revenue of $343.46 million during the quarter, compared to analysts’ expectations of $339.41 million. Valley National Bancorp had a net margin of 31.10% and a return on equity of 10.63%. During the same period in the prior year, the company posted $0.25 earnings per share. On average, sell-side analysts forecast that Valley National Bancorp will post 1.18 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 3rd. Investors of record on Wednesday, December 15th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend was Tuesday, December 14th. Valley National Bancorp’s dividend payout ratio is presently 39.64%.
Valley National Bancorp Profile
Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending; Commercial Lending; Investment Management; and Corporate and Other Adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management and insurance services.
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